3/20, 11:18 AM (Source: TeleTrader)
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Volvo to stop production next week over COVID-19

Volvo Cars' CEO Hakan Samuelsson said on Friday the Swedish carmaker will stop production in all of the country's factories from March 26 due to the coronavirus outbreak. The measure is supposed to last until April 14.

Samuelsson told local radio Ekot around 25,000 of the company's employees will be affected by this change, with the biggest impact on the workers in the production sector. Other local media reported this decision could lead to a cut of 20,000 jobs.

Volvo's shares grew 1.12% at 11:25 am CET, slightly recovering from an almost 40% drop in the previous 30 days.

Breaking the News / ND