Truck manufacturer Volvo Group has moved from a 548 million Kronor surplus last year, to posting a fourth-quarter loss of 3 billion Kronor ($364 million) due to weak demand for construction equipment.
Volvo Group says the markets outside of North America for construction equipment continue to deteriorate, and the business is experiencing “strong headwinds”.
Chief executive officer Olof Persson says the company still has a lot of hard work in front of it, but in the last twelve months it has reduced net financial debt by nearly 10 billion Kronor ($824 million).
