Volvo to cut 2,000 Jobs Worldwide

Automaker Volvo has announced that they would be cutting as many as 2000 jobs as part of extensive cost reduction program.

The company aims to reduce its workforce by 1,400 white collar and 600 blue collar members.

These job cuts would include 1,200 employees at Volvo Car Corporation in Gothenburg, Volvo Car Sweden and Volvo Cars Body Components in Olofstroem.

500 consultants around the world would be let go as well.

The company added that these job cuts would result in savings of approximately $700 million.

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