(Image: Disclosure/Volvo)
THE Volvo Group Planns up to 800 workers in three facilities in the United States over the next three months due to market uncertainty and concerns about demand from the tariffs imposed by US President Donald Trump, a spokesman said on Friday.
Volvo Group North America said in a statement that he reported to the employees that he plans to fire 550 to 800 people at his Mack Trucks unit in Macungie, Pennsylvania, and two Volvo Group facilities in Dublin, Virginia, and Hagerstown, Maryland.
The company, part of AB Volvo da Sweden, employs about 20,000 people in North America, according to its website.
Trump knocked down the global trade system that has been in force for over 75 years with a product tariff plan from around the world. Its erratic trade policy has undermined the confidence of consumers and companies and made economists increase their predictions for a US recession.
Volvo layoffs are the latest response from a car and truck sector that is suffering from the Republican President’s rates on certain parts, which should increase the cost of manufacturing vehicles.
“Requests of heavy trucks continue to be negatively affected by market uncertainty about freight and demand rates, possible regulatory changes and the impact of tariffs,” a Volvo Group North America spokesman said in a statement sent by email.
“We regret having to take this measure, but we need to align production by reducing the demand for our vehicles.”
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
