Anemic demand is causing Volvo to shut down their main Swedish factory for one week, starting October 29th.
The shutdown coincides with a holiday week in Sweden, but the move still comes at a time when European auto sales are struggling amidst dire economic conditions. Volvo is targeting sales of 800,000 units worldwide by 2020, and company officials say that they are still on track to meet this goal.
The most troubling piece of information comes from Jan Gurander, Volvo’s acting CEO, who told Reuters
“Europe is the main market for Volvo Car Corp. and the continued recession is naturally affecting the demand for our cars,”