As the global financial crisis continues to weigh on the need for heavy vehicles, Swedish bus and truck maker Volvo Powertrain plans to lay off nearly 1,000 staff members in the United States and Sweden.

The production at Volvo Powertrain, which makes gear boxes, rear axles and engines for trucks, has slowed dramatically as a direct result of customer insecurity in the financial markets.

The Volvo group has been forced to let go of 2,000 workers at truck plants in Sweden and Belgium and has reported a 37 % drop in third quarter profits on the demand for heavy vehicles in North America.

Morten Wikfors, Volvo spokesman says the job cutbacks will affect 100 in North America and 900 permanent workers in Sweden.

Subsidiaries of Volvo include Renault and Mack Trucks and Nissan Diesel, which employ more than 100,000 people worldwide.

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