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Swedish truck maker AB Volvo has stopped all manufacturing and gross sales in Russia as a result of sanctions over Moscow’s army operation in Ukraine, the corporate introduced on Monday.
Spokesman Klaas Eliasson advised Swedish state broadcaster SVT that the corporate doesn’t “have circumstances for work in Russia, making an allowance for the imposed sanctions.” He famous that “there is no such thing as a boycott of Russia as a nation.”
The measure turns into efficient instantly and applies to all deliveries of supplies and parts to Russia. The choice to cease manufacturing in Russia comes after one among AB Volvo’s main part subcontractors, Nordiq, determined final week to cease deliveries to the nation.
Volvo Group generates roughly 3% of its gross sales in Russia and has one manufacturing facility within the nation.
On Monday, German carmaker Volkswagen quickly halted deliveries of automobiles already in Russia to native dealerships, media reported, citing the corporate’s assertion. The automaker was additionally pressured to droop manufacturing at two of its German factories this week as a result of a delay in components deliveries from Ukraine.
In the meantime, Russian media reviews that not less than 20 carmakers have raised costs for automobiles within the nation in February – eight of them throughout the previous week, following the decline of the Russian ruble within the face of Ukraine-related sanctions. The value enhance affected Citroen, Mazda, Hyundai, Infiniti, Opel, Peugeot, Renault, and Mercedes-Benz. The pinnacle of the Avtostat analytical company, Sergey Tselikov, lately warned that quite a few manufacturers would quickly disappear from Russia fully, whereas “the automotive market can be reoriented in direction of China and Korea.”
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