World No.2 truck maker Volvo will increase its job cuts to 4,400, more than double its original plan, after currency effects and the cost of launching new models muted a rise in quarterly earnings.
But Sweden’s biggest private sector employer also unveiled a stronger-than-expected order intake in the fourth quarter on growth in North America, sending shares more than 4 percent higher by 0800 GMT to outperform the broader market in Stockholm .
“The order intake for trucks was the main positive surprise,” Swedish bank Handelsbanken said in research note.
via UPDATE 2-Volvo to more than double job cuts after weak quarterly earnings | Reuters.
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