The Swedish truck and bus company Volvo Group has achieved significantly lower results in the third quarter than in the same period last year. According to Volvo, this is because of the pandemic few orders were placed in the quarter before.

The company closed in the last period with a profit of SEK 7.2 billion (EUR 690 million), 34 percent less on an annual basis. Turnover fell by 22 percent to 76.9 billion kroner.

In order to reduce costs, Volvo, which is also involved in construction and industrial equipment, had already indicated earlier this year that it would cut 4100 jobs in the office. The company had already cancelled all its expectations for the year and has not yet undertaken any new forecasts.

In the meantime, Volvo’s orders are picking up again. The number of orders rose by 61 percent last quarter compared to the weak second quarter. According to Volvo, by the end of the quarter, transport activity in most markets was back at about the same level as it was a year ago.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Xi promises support and in the same time strict control for the Big Tech

Xi Jinping has reached out to major technology companies that the government will take eve…