1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168 
Volvo cuts European production
Page 6
If you've noticed an error in this article please click here to report it so we can fix it.
VOLVO IS cutting almost 1,400 jobs at its European plants due to demand for new trucks falling.
The company says the move will affect 610 workers in Gothenburg and 370 employees in Lime& Sweden, as well as up to 400 temporary staff in Ghent, Belgium. It is in talks with unions regarding the cutbacks.
Volvo says the recent uncertainty in the financial markets, which has resulted in worsening credit
conditions, was a factor in its decision. It believes some customers have been holding back in replacing vehicles because they have not been able to secure loans to finance new trucks.
Mark O'Bornick, transport analyst at Analytiqa, is not surprised by the news. "Given the current uncertainty surrounding financial markets, truck buyers are thinking twice about replacing vehicles, even if they are able to achieve credit terms."