Volvo will make forecasts of 4 billion kronor ($ 423.23 million) and expects a negative impact on operating profits this year due to the uncertainty caused by the war in Ukraine, said the Swedish truck manufacturer.
Volvo has suspended all sales, services and production in Russia, which last month accounted for 3% of the group’s sales.
“The Volvo Group has a total assets of almost 9 billion kroner compared to Russia, of which almost 6 billion kroner is in cash, which could be realized in the coming years,” it said in a statement.
“In the first quarter of 2022, assets of about 4 billion kroner will be projected and will have a negative impact on operating income, mainly in the financial services sector,” the company said.
Source: Capital
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