Volvo takes $423m hit as Russia business halted

An employee assembles components at the Volvo Construction Equipment Corp. manufacturing facility in Shippensburg, Pennsylvania, U.S., on Wednesday, June 23, 2021. Photographer: Michael A. McCoy/Bloomberg

Rafaela Lindeberg

Volvo said Russia's war in Ukraine has forced it to make provisions in the first quarter totalling 4 billion kronor ($423m, €389m) that will have a negative impact on operating income.