Heavy-duty truck manufacturer AB Volvo is setting aside $423.2 million to cover losses from suspending its business in Russia because of the invasion of Ukraine.
Among major truck makers, the Sweden-based company had the greatest exposure to Russia, counting about 3% of its net sales there. The provision, mostly due to financial services, will impact Q1 operating income. Volvo reports earnings on April 22.
Russia’s six-week-long invasion of Ukraine has seen more than 4 million Ukrainians flee...
https://www.freightwaves.com/news/volvo-group-sets-aside-423m-to-cover-suspending-business-in-russia