Volvo Car Sales Fell 26.9% in June as China Lockdowns Hit Component Supply
By Dominic Chopping
STOCKHOLM--Volvo Car AB said Monday that car sales fell 26.9% on
year in June as Covid-19 lockdowns in China caused component
shortages which primarily hit production of its fully electric and
plug-in hybrid cars.
The Swedish auto maker--majority owned by China's Zhejiang Geely
Holding Group--said it sold 49,904 cars in June, down from 68,224
in the same month last year.
In Europe, sales fell 44.1% to 16,039 cars, while sales in China
dropped 1.3% to 16,468 cars. The company reported a sales decline
of 31.2% in the U.S., to 8,434 cars.
The company had previously said semiconductor shortages would
affect production during the second quarter, but on Monday it said
demand remains strong and that it is starting to see a marked
improvement in its manufacturing situation.
"Volvo Cars anticipates, however, that the share of deliveries
of fully electric and plug-in hybrid cars will continue to be
impacted into the third quarter," it said.
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires
July 04, 2022 04:35 ET (08:35 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.