Volvo Car Corporation announced on Wednesday it would cut about 1,000 jobs and slash $237 million in costs by the end of this year.
The Swedish automaker wants to reverse recent losses caused by weak sales in Europe. Volvo CEO Hakan Samuelsson told Swedish public television SVT that 1,000 consultants and white-collar workers would need to leave by the end of the year as part of a cost-savings package. Volvo spokesman Per-Ake Froberg confirmed the report, adding that about 750 of the cuts would affect consultants in Sweden.
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