Volvo halts production
on 15/10/2012 09:31:11
The Gothenburg-based car-maker, which is owned by China's Geely Holding Group, said today that the production halt will affect some 3,300 employees and will last from October 29 to November 2. The
workers will be compensated through a variation of paid leave.
Volvo Cars' chief finance officer and acting president Jan Gurander said: "Europe is the main market for Volvo Car Corporation and the continued recession is naturally affecting the demand."
On October 1, the company decided to slow the production pace of the Torslanda plant, from 57 cars an hour to 50 cars.
Volvo Cars has a global workforce of around 22,000.