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November 11, 2008

Volvo Cuts 1000 Jobs

CARS - Swedish truck and bus maker Volvo AB Tuesday said it will lay off 1,000 staff at its powertrain unit in Sweden and the United States as the global financial crisis continues to weigh on the demand for heavy vehicles.

Volvo spokesman Marten Wikfors said the layoffs will affect 900 workers in the Swedish cities Skovde, Goteborg and Koping, as well as 100 staff in Hagerstown, Maryland.

He said a number of consultants in Sweden could also receive notices.

Volvo Powertrain makes engines, gear boxes and rear axles for trucks.

"When you see such an extreme slowdown in the financial markets our customers get insecure and stop buying trucks. Of course that also affects Volvo Powertrain since they make the engines for those trucks," Wikfors said. "There is still a lot of uncertainty in the market and we see no light at the end of the tunnel.''

Sweden's large motor industry has been hit hard by the automotive recession and in October the government was forced to set aside 1.5 billion kronor ($211 million) for extra unemployment support.

Volvo has previously announced layoffs of 2,000 workers at truck plants in Belgium and Sweden and 1,350 workers at its construction unit.

In October it reported a 37-per cent drop in third-quarter profits saying, the global financial crisis has sapped demand for heavy vehicles in Europe, North America and Japan.

Volvo has more than 100,000 employees worldwide, including its subsidiaries Renault Trucks, Mack Trucks and Nissan Diesel.

See Also:

Ford, General Motors & Chrysler running out of time

General Motors says its may go bankrupt

US Treasury rejects GM/Chrysler Merger Aid

European Union in Recession

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