Tough Times For Motor Industry
It’s been a tough few months for the Swedish Motor Industry, and that was confirmed Friday as truck and lorry manufacturers Scandia and Volvo presented their third quarter reports.
Volvo’s profits were well below market expectations, and their share price fell sharply on the Stockholm Stock Exchange, also bringing down other share prices. The Stockholm Stock Exchange has now lost half its value since the beginning of the year.
Scania’s profits were only just below market expectations, and they expect 2008 to be a more profitable year than 2007, but they are worried about tough times ahead, and are already planning to slow down production and to lay off up to 1500 part time workers around the world.