Volvo has announced that it will be halting production at its main plant from October 29th to November 2nd due to weak market demand.
Volvo, 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. The European recession and recent slump in the automotive market has forced the Swedish automaker to shut down production even after it had slowed its pace from 57 cars to 50 cars per hour. Fortunately, the automaker 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.