Volvo to Lay Off 400 After Truck Orders Plunge
A steep, industrywide decline in orders for new trucks has spurred Volvo Trucks North America to lay off 400 of the 725 employees hired during 1999 at its recently expanded plant in Dublin, Va.
However, other U.S. manufacturers denied plans to follow Volvo’s lead.
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A Volvo spokesman cited not only the slowdown in orders, but also an oversupply of late-model used trucks, which they said could impact new truck sales.
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Although a recent drop in orders has caused concern among investors, truck makers say they are confident that demand for trucks — and production to meet it — will remain high.
