Volvo Cars to Slash 3,300 Jobs Over Weak Market

Ford-owned Volvo Cars said on Wednesday that due to the rapidly deteriorating market situation in the global car industry, it will have to cut around 2,000 blue collar and 700 white collar jobs in Sweden. An additional 600 jobs as well as some 700 contracts with consultants will be terminated outside Sweden. Combined with earlier announced job cuts, the total layoffs now planned to be initiated account for 6,000 people worldwide from Volvo Cars’ 25,000-strong workforce. -Continued

"These are difficult times for the car industry in general, including Volvo. These actions are necessary to create a new and sustainable Volvo Car Corporation - a company with more focused operations and structure," says President and CEO of Volvo Car Corporation, Stephen Odell.

"The unstable economic environment has resulted in a very unpredictable situation, and the downturn in the global car industry is more drastic than expected," added Odell.