Scania announces H2 prelim results, job cuts

Friday, 31. July 2020 12:07

Scania, a subsidiary of Traton, part of the Volkswagen Group, reported on Friday its sales in the first half of 2020 decreased 24% per annum to approximately $6.74 billion. Operating income was slid 70% to ~$324 million while net sales dropped 38% to ~$2.93 billion.

"The period was strongly dominated by the coronavirus outbreak and its consequences in the form of lower demand and decreased production. Both sales and profitability were thus impacted negatively. Forceful actions taken by the company mitigated the negative impact," CEO of the company Henrik Henriksson said in the press release.

The truck making company confirmed that it will cut around 5,000 jobs as a part of "adapting Scania's cost structure longer term."

Related Links: TRATON SE
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Breaking the News / MD