World News

AB Volvo postpones AGM due to uncertainty over coronavirus impact

STOCKHOLM (Reuters) – Truckmaker AB Volvo <VOLVb.ST> said on Wednesday it had decided to postpone its annual shareholders meeting due to the prevailing uncertainty around the effects from the global coronavirus outbreak.

“Recent developments have a direct effect on economies important for the Volvo Group and the assessment is that the prevailing situation will lead to weaker demand for the Group’s products and services,” the company said in a statement.

Most of Volvo’s manufacturing plants are currently closed and staff in several countries have been temporarily laid off.

“We believe that, in the current situation, it is responsible to postpone the Annual General Meeting, to assess how the situation develops,” said Volvo board chairman Carl-Henric Svanberg.

(Reporting by Johannes Hellstrom, editing by Johan Ahlander)