Swedish truck company AB Volvo suspends production in Russia

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Swedish truck maker AB Volvo has suspended all production and sales in Russia due to the Ukraine crisis, the company announced today.

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The Volvo Group derives about 3% of its sales from Russia and has a plant in the country.

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“We now have a little more clarity on sanctions and security in the region; that means all operations in Russia are coming to an end,” a company spokesman told Reuters, adding that the measures were in force until further notice.

At the same time, Volkswagen temporarily suspended deliveries of cars already in Russia to local dealerships, as reported today by the RIA news agency, citing an announcement by the company.

Volkswagen has also decided to stop production for a few days this week at two German plants as there is a delay in receiving car parts made in Ukraine.

SOURCE: AMPE

Source: Capital

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