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Volvo Truck Will Cut 2,000 White-Collar Jobs as Earnings Fall
AB Volvo says it will eliminate about 2,000 staff and consulting jobs as part of its previously announced plan to cut costs by 5 billion kronor (€574 million).
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AB Volvo says it will eliminate about 2,000 staff and consulting jobs as part of its previously announced plan to cut costs by 5 billion kronor (€574 million).
The maker of Renault and Volvo commercial trucks revealed the plan in reporting that its third-quarter sales slid 5% to 65.9 billion kronor (€7.4 billion). Operating income dropped 18% to 2.4 billion kronor (€275 million), dragged down by new-vehicle launches, adverse currency effects and costlier product development.
The company predicts that heavy-duty truck volumes in most markets will be unchanged from 2013 to 2014 at 230,000 units in Europe, 250,000 in North America, 145,000 in India and 105,000 in Brazil.
Volvo Truck forecasts that the heavy-duty truck market in China will contract slightly from about 710,000 vehicles this year to 700,000 units in 2014.
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