Volvo’s Sales Drop 21%; Will Suspend European Production
Volvo AB’s total truck sales fell 21% in November and the company will halt truck production in Europe for up to 25 days in the first quarter due to canceled orders, Bloomberg reported Tuesday.
European truck cancellations outweighed orders by 1,800 units in October and November, causing the temporary production suspension, Bloomberg reported, citing a company statement.
Volvo, based in Gothenburg, Sweden, is in the process of cutting more than 2,000 jobs, mainly in Sweden, Bloomberg said.
Its truck orders have contracted as transport companies struggle to finance new trucks, and the company had suspended some production in the fourth quarter to meet lower demand, Bloomberg reported.
