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Volvo Cars Seeks Sales Growth as Chip Crunch Hits Output

  • Manufacturer lost production of 50,000 cars last quarter
  • CEO Hakan Samuelsson says car supply still lower than demand
relates to Volvo Cars Seeks Sales Growth as Chip Crunch Hits Output

Source: Volvo Cars

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Volvo Car AB said it’s confident it can improve sales and profitability this year even as the global shortage in semiconductors continues to weigh on auto production.

The manufacturer owned by China’s Zhejiang Geely Holding Group Co. lost output of 50,000 cars in the third quarter compared to the year-earlier period, it said Tuesday. It reiterated its full-year outlook despite preliminary unit sales declining to 52,000 vehicles in November.