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Volvo Group does not plan leaving Russian market — company

The automaker "made the decision to adapt its operations in view of changed market conditions in Russia," the press service noted

MOSCOW, July 5. /TASS/. Volvo Group [comprising Volvo Trucks, Renault Trucks, and Volvo Penta; Volvo cars production is owned by China’s Geely - TASS] does not plan the exit from the Russian market, the group’s press service told TASS.

"Volvo Group has not taken the decision to withdraw from the market," the company said. The automaker "made the decision to adapt its operations in view of changed market conditions in Russia," the press service noted.

Kommersant newspaper reported earlier today that Volvo Group plans staff downsizing in Russia.

"Adaptation of operations will mean partial staff downsizing in Volvo Group units in Russia during this year. The management of the Russian office of Volvo Group is now in the process of identifying and detailing conditions and the number of employees to be covered by adaptation changes," the company added.