Volvo Cars built 50,000 fewer cars due to chip shortage

Volvo Cars built 50,000 fewer cars due to chip shortage

Photo: ANP

Swedish car maker Volvo Cars has built 50,000 fewer cars in the third quarter compared to a year earlier due to chip shortages that have plagued the global auto industry for some time. According to the company, there is now an improvement in the supply of chips, but the shortages are still a limiting factor on production.

Volvo Cars says sales volume fell 17 percent in the quarter to 149,900 vehicles year-on-year. In addition, turnover fell by 7 percent to 60.8 billion Swedish krona, or 5.9 billion euros. The company was able to offset the lower sales somewhat with higher selling prices. This was offset by higher costs for materials. Net profit fell by a third to the converted 224 million euros.

The Swedish car brand made its debut on the stock exchange in Stockholm at the end of October. Volvo Cars is owned by the Chinese car company Zhejiang Geely. The Chinese company bought the brand in 2010 from the American Ford Motor.

Volvo Cars built 50,000 fewer cars due to chip shortage
Source link Volvo Cars built 50,000 fewer cars due to chip shortage

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