SWEDEN: Volvo Cars to shed 1,000 jobs
"You have to adjust to reality," Haakan Samuelsson said in an interview, cited by news agency AFP.
A spokesman for the company, Per-Aake Froeberg, told Swedish radio that "by the end of the year, there will be 1,000 fewer of us."
The company axed 1,100 positions last year, most of which were in its assembly plants. By contrast, most of those affected by Wednesday's announcement would be white collar workers, SVT said.
Volvo Cars said in September it employed 22,400 people.
The troubled car maker will soon launch a SKR1.5bn (EUR178m or US$239m) cost cutting drive, after sales dipped 18% in January, the Swedish broadcaster wrote on its website.
The Gothenburg-based company sold 422,000 cars in 2012, which was 6% fewer than the year before. The European market was especially tough, dipping by 10%.
Geely acquired Volvo Cars in 2010 and the brand has since seen its market share decline and profits dwindle.
Despite strong developing competition, Volvo continues to lead in the car safety technologies. Continued work on the improvement of quality and reliability, and above all the safety of users makes the...
The media days for the 2013 Frankfurt Internationale Automobil-Ausstellung (IAA) are 10 & 11 September. Each of the following vehicles is a world premiere at the show....
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
Zhejiang Geely says that it will supply some 500 London Taxi TX4s to the municipal authority in Nanjing....
This QUBE report from just-auto report provides a comprehensive overview of the global electric vehicles and OE starter battery sector, major suppliers, top 14 markets, technology trends and market si...
Volvo Cars saw global sales rise 14% in July to 33,650 compared to the same month last year on the back of strong growth in China and a healthy performance in Europe....
General Motors has hired former Volvo CEO Stefan Jacoby to head up international operations. He replaces Tim Lee, who will take up the position of chairman, GM China....
- Has Audi reached a model proliferation limit?
- ANALYSIS: Europe's car market in 2014, and 2015
- THE WEEK THAT WAS: New Hondas and the ship's up
- VEHICLE ANALYSIS: Honda CR-V update
- COMMENT: Deckchair army surveys smart Hoegh work
- JLR's 'Bike Sense' technology
- Weather dashes Hoegh tow but heavy list reducing
- Salvers look to slash Hoegh list to 5° for tow
- Toyota puts the brakes on sales expectations
- Volkswagen Golf stays top of European chart
- Global vehicle lightweighting - technology, trends and the future
- Global light vehicle OE wheels market- forecasts to 2029
- Global light vehicle safety systems market- forecasts to 2029
- Global light vehicle front end modules market- forecasts to 2029
- Global light vehicle OE connectivity market- forecasts to 2029