Volvo Plans To Lay Off Workers

- Jun 25, 2020-

Volvo plans to lay off workers due to the decline in truck demand due to the epidemic.

On June 17, Beijing time, according to Reuters, Volvo, a truck and construction equipment manufacturer, issued a statement on Tuesday saying that due to the impact of the COVID-19 epidemic, the company plans to cut about 4,100 white-collar jobs in the second half of 2020.

The outbreak of a new coronavirus has severely impacted truck demand, forcing Volvo and its competitors to cut costs. Earlier this month, Scania, another truck maker in Sweden, also said it was planning massive layoffs.


Volvo CEO Martin Lundstedt said in a statement, "The new coronavirus epidemic and the global response measures have caused the market situation to seriously affect the industry. Future demand is expected to decline, and Volvo needs to continue to do according to the situation. Adjustments."


Volvo said that about 15% of the current round of layoffs will be consultants, and plans to cut about 1,250 jobs in Sweden. Volvo is headquartered in Gothenburg and has approximately 104,000 employees.


The company said at the end of April that the net order volume for trucks in March was 75% lower than in February, and there has been a net negative growth since then.