Volvo to cut car production by 10 percent -union

Newswire

STOCKHOLM, Aug 30 (Reuters) - Swedish carmaker Volvo, owned by Chinese Zhejiang Geely, is to cut production in Sweden about 10 percent and axe 200-300 jobs due to slower than expected sales, a union said on Thursday. Volvo, bought by Geely from Ford Motor in 2010 for $1.8 billion, has said it aimed to increase sales by 2020 to 800,000 from just over 400,000 cars. That includes 200,000 cars in China, a leap from the 47,000 sold there in 2011. Michael Blohm of the ...

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