Volvo Car Corporation will slash between 1,000 and 1,500 jobs as part of an effort to cut costs by $US131 million this year, a spokesman told the Associated Press (AP) on Tuesday.
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Volvo spokesman Olle Axelsson reportedly said the automaker, which is owned by Ford, has been hit hard by a weak dollar, rising raw materials prices and stiff competition in North America and Europe.
All of Volvo’s operations will be affected by the cost-cutting package, but most of the job cuts will be at Goteborg, in southwestern Sweden, Axelsson told AP.
Volvo Car has 20,000 employees in Sweden and 8,000 in other countries, most of them in the United States, the Associated Press added.
