Volvo Cutting 1,500 Jobs in Sweden

Volvo AB said it will cut more than 1,500 jobs in Sweden, including 655 in its truck division, citing a “sharp decline” in global demand for trucks.

Gothenburg, Sweden-based Volvo said it will cut 125 jobs in its construction unit and 100 at its Penta boat-engine unit. The truck jobs will be eliminated from its powertrain engine parts subsidiary.

The company also said it was in talks with unions about shortening the workweek.

Volvo’s truck sales fell in February by more than half from a year ago, Bloomberg reported. The company is scheduled to release first-quarter earnings and March truck sales on Friday.

Volvo AB is the parent company of Volvo Trucks North America and Mack Trucks in the United States.