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Volvo Truck Will Shed 4,400 Jobs This Year
AB Volvo, which previously said it would eliminate 2,000 jobs worldwide, has boosted the total to 4,400 salaried positions, including consultants.
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AB Volvo, which previously said it would eliminate 2,000 jobs worldwide, has boosted the total to 4,400 salaried positions, including consultants. Most of the cuts will occur this year.
The commercial truckmaker announced the reductions after reporting its net profits fell 37% to 548 million kronor (€62 million) in the fourth quarter and two-thirds to 3.8 billion kronor (€431 million) for the full year. The group attributes the decline to the cost of updating its vehicle lineup.
Volvo's global truck deliveries rose 15% to 61,600 units in the fourth quarter but finished the year at 200,300 units, down 5%.
The company cautions that its product overhaul will continue to hurt profits for at least two more quarters.
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