Volvo / To cut 2,000 jobs

Truckmaker Volvo is cutting 2,000 jobs after investments in new models and a rising Swedish kronor held back third-quarter profits.

Sweden’s largest private sector employer said earnings fell to 2.50bn kronor ($393m; £242m) from 3.48bn kronor a year-ago.

Volvo is launching a new range of trucks ahead of emissions rule changes.

“The changeover to the new products will take another couple of quarters,” chief executive Olof Persson said.

Volvo, which makes trucks under the Renault, Mack and UD brands, said third-quarter sales fell to 64.9bn kronor, down 5% on the same quarter last year.

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via BBC News – Volvo to cut 2,000 jobs as profits fall.