Volvo to slash jobs

10/02/2014

The vehicle manufacturer has revealed that its profits fell by 37% in the fourth quarter of last year. Chief executive Olof Persson released a statement saying that the job cuts will affect employees worldwide.

He added that the cuts will help Volvo utilise its resources more effectively and are a consequence of the transformation the company is currently undergoing.

Volvo’s fourth-quarter net profit fell by 37% from 869 million kronor to 548 million kronor. Sales for the period rose by 8% to 76.6 billion kronor, from 70.8 billion.