Volvo trucks to take $423m hit amid Russian conflict
Swedish truck manufacturer is to write off some $424m in relation to halting all work in Russia. As a direct result of the conflict between Russia and Ukraine, Volvo has stopped all sales, manufacturing & service operations in the country. Russian sales accounted for 3% of global sales in 2021.
The decision to withdraw from Russia on February 28th, occurred four days after the initial invasion. Following the announcement Volvo Trucks shares fell 0.9%. The company owns a factory in Kaluga, 190 km south of Moscow. Employing 700 people until work was halted, the plant produced 3000 vehicles annually.
