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....
Datamonitor'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 organ...
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....
Truck Manufacturing in Belgium industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2007-11, and forecast to 2016)...
- ANALYSIS: The models to be axed by PSA's Tavares
- THE WEEK THAT WAS: Carlos sharpens the knife
- Management briefing: UK engine manufacturing (1)
- THE WEEK THAT WAS: The bubble car returns
- PRODUCT EYE: Audi RS Q3
- 2014 NYIAS: List of world premieres
- 2014 BEIJING SHOW: world debuts list updated
- Discovery Sport to replace Land Rover's Freelander
- GM CEO recall comments draw senator's retort
- Tata restructuring production at all plants
- Jaguar Land Rover: Providing remarkable growth throughout the economic downturn
- PLDB - vehicle cycle plan database (annual subscription)
- Ford Motor Company - Strategy and SWOT Report
- Plunkett's Automobile Industry Almanac 2014: Automobile Industry Market Research, Statistics, Trends & Leading Companies
- Global light vehicle materials market 2008 to 2028