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Sweden’s Volvo Group truck company announced at Gothenburg’s headquarters that it will cancel night shifts in Sweden and Belgium truck manufacturers to meet market demand two years ago, and lay off about 1,400 employees to reduce truck production in Sweden and Belgium and respond to the market The decline in demand.
In addition, the company will also implement austerity spending plans. The specific figures for the reduction in production and the details of the austerity spending plan were not disclosed.
Volvo Truck Company President Staffan Yufusi said that layoffs and tightening spending is not just to maintain a balance between supply and demand, but also to deal with rising raw material prices and increase production efficiency.