Sweden’s Volvo Group Trucks announced on the 30th in its headquarters in Gothenburg that it will cut truck production in Sweden and Belgium due to a drop in market demand. The decision comes as the company faces challenges from fluctuating global markets and rising costs.
Volvo Trucks revealed it will stop the night shift at its factories in both countries, which had been introduced two years ago to meet higher demand. This change will result in the loss of approximately 1,400 jobs. In addition to workforce reductions, the company is also rolling out cost-cutting measures aimed at improving financial efficiency.
While specific details about the production cuts and the exact scope of the austerity plan remain undisclosed, the company emphasized that these steps are necessary to align supply with demand and to manage increasing raw material costs.
Staffan Tovush, chairman of Volvo Trucks, stated that the measures are not just about balancing supply and demand, but also about enhancing operational efficiency and ensuring long-term sustainability in a challenging economic climate.
Based in Gothenburg, Sweden’s second-largest city, Volvo Trucks is one of the world's top manufacturers of commercial vehicles. The company has a strong global presence and continues to play a key role in the development of sustainable transportation solutions.
With the current economic environment, Volvo is taking proactive steps to adapt and remain competitive in an evolving industry. These changes reflect the broader trend among automotive companies to streamline operations and focus on innovation amid shifting market conditions.
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