Significantly Lower Results for Truck Builder Volvo
Swedish truck and bus manufacturer Volvo Group posted significantly lower results in the third quarter than in the same period last year.
According to Volvo, this is because few orders were placed in the previous quarter due to the corona crisis.
The company closed the past period with a profit of 7.2 billion Swedish krona, 34 percent less on an annual basis. Sales fell by 22 percent to 76.9 billion kroner.
To cut costs, Volvo, which also deals with construction machinery and industrial equipment, announced earlier this year that it would cut 4,100 office jobs.
The company had previously scrapped all its expectations for the year and is not yet venturing into new forecasts.
Orders at Volvo are now 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 to about the same level as a year ago.