Volvo announced to cut 4,100 white-collar jobs this year

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Volvo Car India offers term insurance coverage of up to Rs 10 lakh to employees at its dealerships
Commenting on the initiative, Jyoti Malhotra, Managing Director, Volvo Car India said dealer employees play a crucial role in customer satisfaction as they are usually the first interface that Volvo customers have with the company.

On Tuesday, Truck- and Construction Equipment maker AB Volvo said in a statement that it plans to cut its white-collar workforce by around 4,100 positions during the second half of 2020, citing the effects of the Covid-19 pandemic.

“The corona epidemic and the global measures taken to fight it has led to a market situation impacting our industry severely,” Volvo CEO Martin Lundstedt said in a statement.

“The effects are expected to be lower demand going forward and we need to continue to adjust our organization accordingly.”

Volvo said around 15% of the expected reductions were consultants, adding that about 1,250 positions were expected to be cut in Sweden.

The Gothenburg-based company, which employs some 104,000 staff, said late in April that net order intake of its trucks had dropped by 75% in March versus February and been net negative since then.

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