Volvo Cars Plans 5% Workforce Cut in US Factory
Volvo Cars plans to cut 5% of its workforce at its Charleston factory in South Carolina, affecting 125 employees out of 2,500, due to challenging market conditions. Despite these cuts, the company remains committed to creating 4,000 jobs to boost production in the state. The cuts are not related to previously announced redundancies aimed at saving 18 billion kronor in costs.
Volvo Car (VOLCAR-B.ST), d/b/a Volvo Cars, is planning to reduce by 5% the workforce at its Charleston factory in the US state of South Carolina amid challenging market conditions, Reuters reported Wednesday, citing the company.
A spokesperson for the Swedish carmaker said production changes at the plant would affect 125 people. The factory has 2,500 employees.
Amid the job cuts, the company affirmed its commitment to creating 4,000 jobs to increase production in the state. It told Reuters the cuts are not part of the redundancies flagged along with its first-quarter earnings as part of efforts to save 18 billion kronor of costs.
