“Crisis” large companies made a profit on the grant money

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Published October 23, 2021 at 3:50 pm

Economics. Volvo AB received 1.3 billion in state aid under the corona – and made a profit of 26 billion. According to the chairman of the board, Carl-Henrik Svanberg, he keeps the money to show loyalty to those in power, reports SVT.

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Nine of the stock exchange's 30 largest companies received grants. SSAB alone made a loss in 2020, while the other eight made a total profit of 130 billion.

Some companies – such as Electrolux – chose to repay the contributions to the taxpayers when it became clear that they were not needed.

But Volvo, where Carl-Henrik Svanberg is chairman of the board, thinks that the money is more useful to his company than to ordinary people who pay taxes.

That the company keeps the money is not about greed but about showing loyalty to that system, according to Svanberg, who is best known for his statement that “care about the small people”.

– We were not part of the support program for the money, but for the cooperation between the state, the company and the employees. Paying back now would feel like “giving up on the system” and protesting – we do not want that, says Carl-Henrik Svanberg in an internal company video, reports SVT.

Volvo AB received 1.34 billion in contribution and made a profit of 26 billion. Volvo Cars received half a billion in grants and made a profit of 9.5 billion. Scania received a billion in grants and made a profit of 8 billion.