Swedish truck maker AB Volvo halted its business in Russia because of the invasion of Ukraine. Now it is counting the cost.
United Auto Workers members at Volvo Trucks North America planned to resume a strike after rejecting a second tentative agreement .
Heavy-duty truck maker AB Volvo saw business seize up in mid-March but exited the quarter with lower but still positive sales and profits.
Engine maker Cummins Inc. joined Volvo and Mack Trucks in suspending production because of the coronavirus pandemic . Cummins and trailer maker Wabash National also pulled their earnings guidance for the year.
Class 8 truck manufacturers so far are staving off production cuts and layoffs, but they are watching their supply chains carefully for disruptions from the coronavirus that could further reduce already tepid demand for new equipment.
By the time it begins limited production of zero-emission Class 8 electric trucks late this year, Volvo will know the pain points because of its ecosystem approach to battery-powered transportation.
Big investors like Carl Icahn will have a say in whether Volkswagen’s truck group buys the 83% of Navistar it does not already own, but CEO Troy Clarke’s expected age-related departure this year seems more than a coincidence in TRATON’s $2.9 billion bid.
TRATON makes long-expected move to take over Navistar despite claiming disinterest. Navistar says it will take a look at the offer.
Volvo Trucks North America will lay off about 700 workers in January, extending an industry pullback in production to match slowing orders of new Class 8 trucks.
AB Volvo through its venture capital group is investing in an Israeli cybersecurity startup while also combining all of its autonomous ventures into a single group.
Swedish truck maker AB Volvo reported higher third-quarter profits and sales on Friday, October 18. But it warned that orders for new trucks in North America and Europe continue to decline and a strike at its Mack Trucks unit could pinch profits depending on how long it lasts.
