Volvo Trucks to lay off more than 4,000 workers by 2020

The group plans to cut around 4,100 jobs in the second half of the year. About 15 percent of the cuts at Volvo will affect advisory centers.

Volvo Trucks’ assembly plant in Tuve, Gothenburg, Sweden – (photo by Volvo)

The Swedish commercial vehicle manufacturer Volvo is cutting around 4,100 jobs worldwide as a result of the corona crisis. The pandemic and the corona measures taken all over the world had led to a market situation that hit the commercial vehicle industry hard, said the head of the Volvo Group, Martin Lundstedt, on Tuesday.

Demand is expected to continue to decrease in the short to medium term and must be positioned accordingly. At the same time, they want to focus more on new technologies and business models.

Volvo therefore plans to reduce the number of employees by 4100 as early as the second half of 2020, including around 1250 in the home market of Sweden. Around 15 percent of the affected positions are said to be those of consultants. Without the state support granted, the number of job cuts would be even higher.

The Volvo Group, based in Gothenburg, Sweden, has around 104,000 employees worldwide and is active in more than 190 markets. The group, which has been separated from the car manufacturer Volvo Cars for many years, had to cope with declining order numbers in the most important truck markets even before the corona crisis.

Author: Nabeel K


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