Considerable risk of material financial impact on group
Sweden’s Volvo Group has issued an update on the impact of Covid-19, stating that there is a “considerable risk of material financial impact on the Group as from mid-March.”
“The Volvo Group and its suppliers are continuously working to minimise any consequences for customers and mitigating the impact on the Group,” says the statement.
“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.”