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Follow us on FacebookVolvo still badly hit by chip shortage
@ 2021/12/01Will continue until next year
Volvo Cars warned 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.
Chief Executive Hakan Samuelsson said that while the supply situation has improved going into the fourth quarter, he expected the industry-wide shortage of semi-conductors to remain a restraining factor.
The chip shortage has forced many automakers around the world, including Volvo, to cut production. Chief Financial Officer Bjorn Annwall said he expected that to be the major issue in the fourth quarter.
Volvo Cars warned 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.
Chief Executive Hakan Samuelsson said that while the supply situation has improved going into the fourth quarter, he expected the industry-wide shortage of semi-conductors to remain a restraining factor.
The chip shortage has forced many automakers around the world, including Volvo, to cut production. Chief Financial Officer Bjorn Annwall said he expected that to be the major issue in the fourth quarter.
