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6/16, 4:06 PM (Source: TeleTrader)
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Volvo to lay off 4,100 suit-and-tie workers in 2020

Swedish vehicle and construction equipment manufacturing company Volvo Group will cut its workforce by 4,100 white-collar workers by the end of 2020 to counteract the negative effects of the crisis caused by the COVID-19 pandemic, the company said in a statement on Tuesday.

"The Corona epidemic and the global measures taken to fight it has led to a market situation impacting our industry severely. The effects are expected to be lower demand going forward and we need to continue to adjust our organization accordingly. In parallel, we will accelerate the competence shift needed for new technologies and business models," Volvo Group’s CEO Martin Lundstedt (pictured) asserted.

The Swedish truck maker had previously signed an agreement with Daimler Truck AG, announcing a joint effort towards hydrogen fuel cell use in commercial traffic.

Breaking the News / BU