Stockholm, 25 October: Volvo today announced it was cutting some 2,000 jobs as it unveiled third quarter results showing a five per cent drop in group net sales.
“As part of the previously announced group-wide efficiency programme, a directional decision has been made to rationalise 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 per cent compared to the same period last year.
Net profits were also down one per cent to 1.4 billion kronor, well below analysts’ expectations for around two billion kronor. afp