Volvo Lay off Job Cut: Volvo Cars Fires 3300 employees Sweden: Finance Trading Times

Volvo Lay off Job Cut: Volvo Cars Fires 3300 employees Sweden

As per the latest news, the Sweden based Auto giant Volvo Cars has decided to go for a massive Volvo Car lay off or Volvo Job Cut. The news came in on Wednesday and the official news said that Volvo will lay off 3300 employees. This figure of 3300 job cuts will include around 2700 in Sweden. The Volvo Job Cut is being justified citing the reasons to "meet the rapidly deteriorating market situation in the global car industry."
Volvo Lay off Job Cut
Apart from that, around 700 different contracts of so called Volvo consultants will also be terminated by Volvo.

In the past also, Volvo has announced job cuts this year in June. That time, it had asked around 1500 workers and 500 consultants to be fired. Including this lay off, Volvo will lay off 4,800 employees worldwide and 1,200 consultants.

Volvo Cars at the start of the year had about 24,500 employees worldwide, including 17,000 in Sweden. Most of the Swedish employees - 13,000 - are in Gothenburg, which will see a significant part of the layoffs.

There is no information available about how much savings will be achieved by Volvo due to these job cuts or lay offs. However, some analysts believe that it is not sure whether these lay offs by Volvo will be sufficient to put an end to Volvo's financial troubles. With the world going into deep financial crisis, a global car giant like Volvo is bound to be impacted.

Volvo posted a first-half loss of $247 million.
Let's hope that alternative jobs are available to the affected employees of Volvo.
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