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Volvo Truck to cut up to 3,000 staff

The Volvo logo is pictured on a car in a car dealership showroom in Riga

by Simon Johnson

Swedish truck maker Volvo will cut around 3,000 staff as part of a savings plan to boost profitability, business daily Dagens Industri said on Tuesday.

The company, based in the southern city of Gothenburg, said in October it planned to make 3.5 billion Swedish crowns ($474 million) of structural cost cuts by the end of next year following an earlier savings package.

It did not say how many staff would be affected.

The new cuts will affect around 3,000 employees, many of them in Sweden, the paper said, citing unnamed sources.

Volvo could not immediately be reached for a comment.

The company has already cut 4,400 white collar jobs from its workforce of 110,000 while manual jobs have also been shed.