Volvo Cars sees chip shortage extending into 2022, Q3 profit dips
Information about Volvo Cars sees chip shortage extending into 2022, Q3 profit dips
Kevin David Scam or Legit
By Helena Soderpalm
STOCKHOLM (Reuters) – Volvo Cars warned on Tuesday that the sector-wide semiconductor shortage would continue into next year, as its first quarterly report since listing on the stock market a month ago confirmed a dip in revenue and profit.
The Gothenburg-based carmaker said supply chains were still constrained but while production remained lower than demand, it had “improved month by month” since September.
“The supply situation has improved going into the fourth quarter, but we expect the industry-wide shortage of semi-conductors to remain a restraining factor,” Chief Executive Hakan Samuelsson said in a statement.
Volvo’s initial public offering (IPO) on Oct. 29 was the biggest in Europe so far this year, a sign of strength for the European automotive industry which is in the midst of a …