credit crunch

Volvo 4th Quarter 2008 Worse Than Expected

Swedish truck manufacturer Volvo has released its economic results for the fourth quarter of 2008, and it makes for depressing reading for shareholders. The company made a loss of 300 million US dollars before tax.

This compares to a profit during the same period in 2007 of almost 700 million dollars.

CEO Leif Johansson says orders stopped coming in in October.

Over 16 thousand people have had to leave the company over the past year, 7600 of them in Sweden.

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