Economy
Volvo stops truck production in Russia
Swedish truck maker Volvo has halted production and sales in Russia due to events in Ukraine.
Reuters quoted a company spokesperson: Now we have more clarity about sanctions and security in the region. This means that all operations in Russia have ceased.
The company’s plant with a production capacity of 15 thousand trucks per year is located in Kaluga, production moved in 2009, six years after the start of production of vehicles at the Zelenograd site. By April of the same year, the company switched from machine assembly to large-scale production technology. Russia accounts for about 3% of Volvo Group sales.
