Volvo is to cut 2,000 jobs across its operations it was announced yesterday. The work force is to be cut down by 1,400 white collar staff and 600 blue collar works will also be out of work, most of the job cuts will come from the Torslanda plant in Gothenburg Sweden. The jobs cut is said to be because of the weakening automotive market and the surging costs of raw materials.
Ford who own Volvo are widely known to be struggling to return into profitability and in recent months have sold off assets including Jaguar and Aston Martin. The company only in the last week released a statement saying that they are finding it difficult to break even for this financial year, and blame this mainly on a slump in US sales.