Volvo

Categories: Cars Trucks | Cars | Vehicles

  • Volvo is a Swedish car manufacturer owned by Ford. On January 13, 2009, Volvo announced that it was cutting 1,620 more jobs in Sweden, as a reaction to the economic downturn. Volvo cut 4% of its workforce between September 2008 and January 2009.Bloomberg: Volvo Cuts 1,620 More Jobs, Says No Recovery in Sight (Update1) (January 13, 2009)

    On the same day, Ford announced it was in talks with potential buyers for the Volvo brand. The Swedish government has placed restrictions on any aid to either Volvo or Saab (owned by General Motors) and has definitively stated they have no plans to purchase the brands.CNN Money: Saab, Volvo Must Be 'Carved Out' To Win Aid-Swedish Official (January 12, 2009)

  • Swedish Government, American Car Makers

    In December, 2008, the Swedish government promised to provide up to 25 billion kronor (2.1 billion pounds) in emergency loans and credit guarantees to the Swedish automotive industry. However, any funds given to Volvo or Saab (both owned by American car companies) must be spent in Sweden and based on the future viability and profitability in Sweden.Reuters: Sweden says won't take over Saab or Volvo (January 13, 2009) Any aid received from the Swedish government must be spent on making the vehicles more environmentally-friendly. There are no employment restrictions similar to those in the United States automaker bailout program.CNN Money: Saab, Volvo Must Be 'Carved Out' To Win Aid-Swedish Official (January 12, 2009)

    Further, said state secretary of the Swedish Industry Ministry Joran Hagglund, if the American companies want Swedish aid they must cut out the Volvo and Saab brands from their companies as stand-alone entities, so that they may be sold separately.Reuters: Sweden says won't take over Saab or Volvo (January 13, 2009) CNN Money: Saab, Volvo Must Be 'Carved Out' To Win Aid-Swedish Official (January 12, 2009)

  • Quotes

    "I made it clear to General Motors and Ford that under no circumstances will there be a way that the Swedish government, the Swedish state, will become an owner of either Volvo or Saab. They (GM and Ford) have to take the full responsibility for the actions that have to be taken to secure good futures for the brands of Saab and Volvo."—Joran Hagglund, state secretary of the Swedish Industry MinistryReuters: Sweden says won't take over Saab or Volvo (January 13, 2009)

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