Volvo to Cut Annual Spending by $620 Million to Lift Profit
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Volvo AB, the world’s second-largest truckmaker, intends to lower annual spending by 4 billion kronor ($620 million) by the end of the 2015 as part of a broader three-year plan to lift profitability.
Volvo aims to reach the savings target by reducing the number of white-collar workers and boosting production efficiencies, the Gothenburg, Sweden-based truckmaker said in a statement today, without providing details. The cost-reduction program will lead to 5 billion kronor in charges, it said.