Volvo Group delays shareholders' meeting to close most plants

Beijing time on the 25th, Swedish truck maker AB Volvo announced on Wednesday that it has decided to postpone its annual shareholder meeting due to the uncertainty caused by the global new crown virus epidemic.

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The company said: "Recent developments have had a direct impact on the Volvo Group's significant economy, and the assessment believes that the current situation will lead to a weakening of demand for Volvo Group products and services."

The company said most of its production plants are currently closed and temporary layoffs have been made in several countries.

Carl-Henric Svanberg, chairman of the Volvo Group's board of directors, said: "In our view, under the current circumstances, it is our responsibility to postpone the annual conference to assess the development of the situation."