Volvo has announced that it plans on reducing additional jobs in 2009. Originally the job cuts were planned to start in late December, but now with continuously worsening market conditions, they have decided to move up the closing date. Maybe Volvo is doing this now so they don’t get blamed for killing the holiday cheer.
"The effect on the premium-car market has been substantial, with sales volumes deteriorating even more rapidly than in the volume market," said a Volvo Cars spokesperson.
With no signs of recovery in either North America or Western Europe compounded with high costs for raw materials, automakers have had to make cutbacks on all fronts. Many pundits expect a longer market recovery than previously expected. You have to wonder how many times these so-called experts have to make off-the-mark predictions before they’re no longer “experts.”
Our take? Well, this is hardly surprising. Our condolences to those who might have lost their bread check with this job cut.
via CNN Money