(MENAFN) Volvo Car Company plans to slash its workforce further in a move to reduce costs, reported Xinhua News citing local business daily Dagens Industri (DI).
The company, whose sales fell by 5.9 percent in the January-October period to 347,532 units, reported weaker sales in all its markets, including the US and China, its two main markets, and forecasts a loss in its annual report in 2012.
The new plan is expected to affect regular workers in both production and service departments, whose number reached 22,000 in September.
On the other hand, the carmaker's development of new car models on the new SPA platform is projected to decelerate, as cash flow is steadily declining.
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