News

Volvo Trucks is downsizing its production capacity in Europe as demand for trucks falls in light of the current financial situation.

The company plans to cut staffing levels by 1,400 at its plants in Belgium and Sweden and implement a cost-reduction programme to adapt its business model to falling sales and the rising cost of raw materials.

Volvo Truck president  and CEO Staffan Jufors says: "The planned reductions are not only being undertaken to rebalance capacity, but also to increase efficiency in production and to compensate for the higher raw material prices that we are now experiencing."