After announcing an additional 4,000 job cut prepared for December 31, Volvo comes out with a bunch of new disappointing figures that do nothing more than to confirm the continuously deepening crisis it experiences. According to figures provided by Autonews, Volvo's 2008 sales will be the lowest in 12 years, obviously due to the global recession and all the other related matters.
Volvo's parent company Ford expects to deliver approximately 380,000 units by the end of the year, compared to 458,323 vehicles sold in 2007. But more importantly, it represents the lowest point in 12 years, with 1996 bringing “only” 363,222 sold cars.
Earlier this day, Volvo announced a new cost-cutting measure, saying it plans to let go approximately 4,000 workers by the end of the year, especially due to its intentions to concentrate on certain processes that could revamp its sales.
And because we were talking about sales, this is one of the most apocalyptic subjects for Volvo which saw its truck sales down by 99.7 percent in the third quarter of this year. This means the Swedish carmaker delivered no more than 115 trucks, compared to 41,900 units sold in the same period of the previous year! Obviously, Volvo did nothing more than to point to the global recession, admitting that it urgently needs support to get out of the crisis.
“The downturn in the economy has been significantly exacerbated by the global financial crisis. The important European market has declined significantly while North America and Japan continue to show weak demand,” Volvo officials were quoted as saying by This is Money in October.
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