February 20, 2013 / 3:01 PM / in 5 years

Geely's Volvo aims at $200 mln savings, to cut staff

STOCKHOLM, Feb 20 (Reuters) - Swedish car company Volvo, owned by China’s Geely, aims to cut about 1,000 jobs as part of a plan to reduce costs by 1.5 billion crowns ( $237.2 million), it said on Wednesday.

The news came on the same day Geely and Volvo said they were to open a new research and development centre to develop parts and technology for each other’s future models.

Company spokesman Per-Ake Froberg said Volvo expected to cut about 750 consultant jobs and make the other job reductions by voluntary cuts in permanent staff, such as early retirement.

“We plan to save 1.5 billion crowns during the course of the year to reach a goal of breakeven,” he added. (Reporting by Patrick Lannin)

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