Want to cut $200 million in cost to Volvo or lay off thousands of diesel generators | Diesel generator prices / 2013-02-23
According to China Economic News, the days after the Swedish luxury brand Volvo was acquired by Geely were not as well imagined. On February 21, foreign media reported that due to the continued downturn in the Chinese market, Volvo plans to cut costs by 200 million U.S. dollars during the year to reach a balance of payments, including about 1,000 layoffs.
In 2010, Geely invested 1.8 billion U.S. dollars to bring Volvo cars under its command. This move did not make Volvo worse off. On Wednesday, Volvoâ€™s CEO Hakan Samuelson admitted in an interview with foreign media that, unlike the previous layoffs involving only frontline workers, the layoffs will involve Volvoâ€™s middle managers.
Not long ago, Hakan Samuelson once said that Volvo, the troubled one, will implement a fairly large-scale comprehensive cost-cutting measure in the next two years, aiming to move away from the sluggish auto industry in Europe and ensure that Its share of the market.
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