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Volvo Cars to Cut 1,000 Jobs
Volvo Car Corp. plans to reduce costs by 1.5 billion kronor ($237 million), end about 750 consultant contracts and shed 250 salaried jobs in response to shrinking sales in China and Europe.
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Volvo Car Corp. plans to reduce costs by 1.5 billion kronor ($237 million), end about 750 consultant contracts and shed 250 salaried jobs in response to shrinking sales in China and Europe.
The company, which is owned by Zhejiang Geely Holding Group Co., reduced its hourly workforce by 1,100 jobs last autumn.
CEO Hakan Samuelsson said last month that Volvo was studying ways to reduce costs by more than 1 billion kronor ($158 million) to reach its goal of breaking even in 2014. The company's global sales fell 6% to 422,000 vehicles in 2012 and slipped 2% to 29,600 units in January.
Volvo now has 22,000 employees worldwide, including 14,000 in Sweden and 4,000 in Belgium.
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