Volvo announced in June that it was to cut two thousand jobs and shut down the third shift at the Torslanda auto plant in southwest Sweden. On Friday the Ford-owned company said that it will be moving the cuts up from December to October and that it will be cutting another 900 jobs next year.
The company blamed soft market conditions in Europe and a continued decline in United States sales. Combining the lower demand with the rising costs of raw materials, Volvo says that it has to make the cuts.
“The weakening tendency in the market has continued and Volvo Cars is therefore forced to balance production volumes in order to avoid building inventory of cars,” the company announced.
Source: Automotive News