STOCKHOLM (AP) -- Truck maker AB Volvo said Wednesday it will slash more than 1,500 jobs in Sweden in a new wave of cost-cutting prompted by declining demand for heavy vehicles.
The Goteborg-based group said most of the staff cuts will be in its truck and powertrain units. The downsizing will also affect its construction equipment and engine units, Volvo said.
"A total of 1,543 employees are affected," the company said.
Volvo spokesman Stefan Johnsson said negotiations had already started with union representatives.
The company last year shed thousands of jobs as orders dried up amid the financial downturn.
AB Volvo also makes buses and components for aircraft engines. It's a separate company from Volvo Cars, which is owned by Ford Motor Co.