Volvo Cars’sales have fallen by more than 10 per cent in China and the US so far this year, underlining the scale of the task facing the Swedish carmaker’s new chief executive.
Håkan Samuelsson, former head of truckmaker MAN, took over last month. He has told colleagues his initial priority is to ensure that the carmaker focuses aggressively on costs to at least break even .
Mr Samuelsson is still finalising his plan but it seems likely that job losses will be involved as he scrutinises spending across the company in administrative and manufacturing jobs.
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