Volvo has announced that due to weak market demands, they will be halting production at its main plant from October 29th to November 2nd.
Volvo, whom is now owned by Chinese group Zhejiang Geely Holding Group Ltd., will have its stoppage occur on a traditional holiday week in western Sweden at its Torslanda plant. Dur to the European recession as well as the recent slump in the automotive market, the Swedish automaker is forced to shut down produciton even after it had slowed its pace from 57 to 50 cars per hour. On a brighter note, Volvo and its owners have no plans on changing the workforce at the plant.
“Europe is the main market for Volvo Car Corporation and the continued recession is naturally affecting the demand for our cars,” said Jan Gurander, chief financial officer, and acting chief executive officer of Volvo.
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