Virus Fears Hit Volvo
By Ian Cameron17 March 2020
The full financial impact of the Covid-19 epidemic is being felt with Volvo revealing that the virus is likely to hit its bottom line.
In a statement it said:”The consequences of the Covid-19 outbreak is affecting the Volvo Group, and there is a considerable risk of a material financial impact on the Group as from mid-March.
“The Volvo Group and its suppliers are continuously working to minimize any consequences for customers and mitigating the impact on the Group.
“The impact is related to the general situation and decisions made by local authorities resulting in among other things workforce shortage in the production and supply chain disruptions.
There is also a potential impact on demand going forward. Given the uncertain situation, it is not currently possible to predict the full potential impact on the Volvo Group.”