Volvo’s Chinese owners at Geely encounter something in Europe that is unheard of in China: A drop in car sales. Volvo has to cut production in Sweden by about 10 percent, and will let 200-300 contract workers go, Reuters says.
Volvo sales in Sweden dropped 10 percent January to July. Volvo car sales in Europe fell 9.2 percent in the first half of the year.
In reaction to the slowdown, Volvo already extended the annual summer holiday by four days at the at Torslanda plant.