(
Xinhua)
09:41, November 08, 2012
STOCKHOLM, Nov. 7 (Xinhua) -- Volvo Car Company was working on a comprehensive cost-saving plan which includes further job cuts, local media reported on Wednesday.
Volvo Car saw weaker sales in all the markets and was expecting a loss in its annual report this year, according to the Swedish business daily Dagens Industri (DI).
The plan could affect regular employees in both production and service departments, whose number was 22,000 in September this year, excluding 3,500 outsource consultants.
Meanwhile, it was expected that the development of new car models on the new SPA platform would slow down.
"It is an impact of the fact that the operations are running with quite a loss and cash flow has shrunk greatly. It is 2 billion Swedish kronor (about 300 million U.S. dollars) worse than last year in the first half of the year," a source from Volvo was quoted as saying by DI.
During the first 10 months of this year, Volvo sold 347,532 cars, down by 5.9 percent compared to the same period last year. Sales decrease in October was most significant in its two main markets of the United States and China.
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