Volvo Cuts 1500

The Volvo Group has announced it is cutting more than 1500 jobs here in Sweden.

The world’s second largest maker of trucks says the move is prompted by declining demand for heavy vehicles. Most of the cuts will be in Volvo’s truck and powertrain divisions. But the lay-offs will also affect Volvo’s construction equipment and engine units.

Volvo announced earlier that during 2008 and 2009 more than 16,000 permanent and temporary employees and consultants would be leaving the group. At the end of last year Volvo had just over 101,000 employees.

The Volvo Group is separate from Volvo Cars, which is owned by Ford.

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