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rdf:type	schema:NewsArticle
schema:articleBody	Sweden's Volvo Group, the world's second biggest truck maker, on Wednesday reported a sharp drop in 2020 earnings due to the coronavirus pandemic, although business rebounded in the fourth quarter. In 2020, the group saw "dramatic fluctuations in demand" due to the Covid-19 pandemic, chief executive Martin Lundstedt said in a statement. For 2021, Volvo raised its sales forecasts in its trucks division -- its core business -- in Europe, North America and Brazil. However, it said it also expected "production disturbances and increased costs" due to a "strained" supply chain, noting a global shortage of semiconductors across industries. The truck making sector is particularly sensitive to the global economic situation and is usually hard hit during crises. In March, as the pandemic took hold around the world, Volvo suspended operations at most of its sites in 18 countries and halted production at Renault Trucks, which it owns, in Belgium and France. Operations gradually resumed mid-year, but not enough to compensate for the drop in earnings. With annual sales down 22 percent to 338 billion kronor (33.4 billion euros, $40 billion), the group posted a 46 percent plunge in net profit to 19.3 billion kronor (1.9 billion euros). Operating margin fell from 11.5 to 8.1 percent. However, the group did manage to cut costs by 20 percent. "We have significantly improved our volume and cost flexibility, which were crucial factors behind our earnings resilience in 2020," the group said. Volvo's business regained strength in the second half of the year. "Customer usage of trucks and machines increased when the Covid-19 restrictions were eased during the summer and this development continued during both the third and fourth quarters," it said. "Both the transport activity and the construction business are back at levels on par with the prior year in most markets." For the fourth quarter alone, the company reported a 38-percent rise in net profit from a year earlier. hdy/po/bmm
schema:headline	Pandemic puts brakes on Volvo 2020 earnings
schema:mentions	Supply chain Renault Volvo North America Belgium Glenn L. Martin Company Sweden Europe Pandemic France Brazil Coronavirus disease 2019 Operating margin Swedish krona
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-03 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	68 (xsd:integer)

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