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,
— majority owned by the Chinese Zhejiang Geely Holding Group 175,
– 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.
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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