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July 04, 2022 09:25 AM

Volvo warns China shutdowns will impact Q3 sales

The automaker, however, said it is starting “to see a marked improvement in its manufacturing situation, with the number of cars produced in June being the highest in the year.”

Bloomberg
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    BLOOMBERG

    Volvo Cars has warned COVID-19 lockdowns in China could hamper its delivery of electric and plug-in hybrid vehicles in the third quarter.

    The Swedish carmaker pointed to a shortage of components as a reason for sales in June falling 27 percent compared to the same month last year.

    However, the automaker is starting “to see a marked improvement in its manufacturing situation, with the number of cars produced in June being the highest in the year,” according to a statement.

    The development marks the latest supply-chain issue to grip the global auto industry.

    Related Articles
    Volvo cuts Swedish production on chip shortage
    Volvo profit falls on chip shortages, Ukraine war

    Last week saw Tesla cite factory shutdowns in Shanghai as a reason for disappointing car deliveries while General Motors issued a profit warning amid a backlog of 95,000 vehicles that can’t be sold until semiconductors arrive to finish assembly.

    Volvo said its half-year global sales fell 24 percent to 291,301 cars.

    The company, which wants half of its sales to come from full-electric cars by 2025, said battery-driven models accounted for 7.6 percent its worldwide sales after six months.

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        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
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