Volvo to cut nearly 1,000 jobs in Sweden, US

Swedish truck and bus maker Volvo AB Tuesday said it will lay off nearly 1,000 staff at its powertrain unit in Sweden and the United States as the global financial crisis continues to weigh on the demand for heavy vehicles.

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Volvo to cut 1,400 staff at European truck plants

Swedish truck and bus maker Volvo AB announced Tuesday it plans to lay off around 1,400 workers at truck plants in Belgium and Sweden to adjust to falling demand in the European market.

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Volvo AB, the Swedish commercial truck manufacturer that originally sold Volvo Cars to Ford for $6 Billion in 1999. The former parent company has said that it wants nothing to do with its former car division.

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