Business

Volvo’s auto sales plunged 26.9% in June as lockdowns in China impacted component supplies

STOCKHOLM – Volvo Car AB said on Monday that June auto sales fell 26.9% year-on-year as the Covid-19 lockdowns in China led to component shortages, mainly affecting production of its all-electric and plug-in Hybrid cars affected.

The Swedish car manufacturer VOLV.B,
+0.75%
— majority owned by the Chinese Zhejiang Geely Holding Group 175,
-3.70%
– said it sold 49,904 cars in June, up from 68,224 in the same month last year.

In Europe, sales fell 44.1% to 16,039 cars, while sales in China fell 1.3% to 16,468 cars. The company reported a 31.2% drop in US sales to 8,434 cars.

The company previously said semiconductor shortages would impact second-quarter production, but on Monday it said demand remained strong and it saw a significant improvement in its manufacturing situation.

However, Volvo Cars assumes that the proportion of deliveries of fully electric and plug-in hybrid cars will still be affected into the third quarter.

Write to Dominic Chopping at dominic.chopping@wsj.com

https://www.marketwatch.com/story/volvo-car-sales-fell-26-9-in-june-as-china-lockdowns-hit-component-supply-271656922814?rss=1&siteid=rss Volvo’s auto sales plunged 26.9% in June as lockdowns in China impacted component supplies

Brian Lowry

InternetCloning is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@internetcloning.com. The content will be deleted within 24 hours.

Related Articles

Back to top button