Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Volvo cuts thousands of white-collar jobs

Share this article

Volvo cuts thousands of white-collar jobs
08:58 CEST+02:00
Volvo on Friday announced it was cutting some 2,000 jobs as it unveiled third-quarter results showing a five-percent drop in group net sales.

"As part of the previously announced Group-wide efficiency programme, a directional decision has been made to rationalize white collars in staff and support functions by approximately 2,000 employees and consultants," the firm said in a statement.

The firm said third-quarter net sales fell to 64.9 billion kronor ($10.2 billion), a drop of five percent compared to the same period last year.

Net profits were also down one percent, to 1.4 billion kronor, well below analysts' expectations for around two billion kronor.

Volvo boss Olof Persson said the firm's third quarter "was characterzsed by the ongoing comprehensive product renewal in the group's truck programme and the fact that we entered a new phase of the group's development focused on taking actions to streamline and enhance the efficiency of our operations."

The Volvo Group employs 112,000 worldwide, including 16,000 consultants and

temporary workers.

AFP/The Local/at

Follow The Local on Twitter

Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

Swedish for programmers: Tailored Swedish courses for techies

How do you get a job in Sweden's competitive tech industry if you're new to the country and don't speak the language? Enter SFX-IT, a specialised language course tailored for foreign techies living in Sweden.

Advertisement