Thursday, July 25, 2024

Huge car company goes bankrupt – owes DKK 1.2 billion

The bankruptcy of the Swedish subcontractor IAC Group Sweden not only means that 1,400 employees will lose their jobs. Sweden's entire automotive industry is affected.

IAC Group Sweden, which after the corona pandemic was left with a tax debt of 1.2 billion Swedish kroner – equivalent to 800 million Danish kroner – has gone bankrupt.

This leaves 1,400 employees who, among other things, built instrument clusters for Volvo Cars, Volvo Trucks/Buses and Scania, without jobs.

– We have not been able to create the necessary liquidity to be able to continue operations for our highly valued customers in Sweden, writes the company in a press release .

Before the bankruptcy, the subcontractor succeeded in selling its activities in England, while the business in China has also changed hands.

READ ALSO: Marius lost 55,000 kroner – "My car is too new"

– The company's new global management team has worked hard to find a positive solution for the Swedish operation as well, but short-term liquidity challenges have prevented us from creating a sustainable position for these assets, adds IAC in its press release.

According to Swedish Carup, work continued at IAC's factories in the cities of Färgelanda, Skara and Gothenburg as recently as Thursday this week.

What will happen with the operation is also an unresolved issue for the company, which last year had a turnover of just over 7 billion Swedish kroner. However, it has not been enough to keep the business going.

At Volvo Cars, they follow the development of IAC Group Sweden, which is now a bankrupt estate. However, the car brand does not expect to be seriously affected by bankruptcy, as precautions have been taken beforehand.

Read more exciting news from and about the world of cars right here!

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