Volvo Cars August Sales Down 4.6 Percent Year-on-Year

Sweden's Volvo Cars saw its August sales fall by 4.6 percent Year-on-Year to 43,666 vehicles as the global semiconductor shortage and other disruptions continued to hurt deliveries, the Swedish car maker said in a statement.

Demand remained good, but the component shortages as well as power cuts and Covid-19 outbreaks in China interrupted output, the company said.

Volvo Cars said it would temporarily close its plant in the Chinese city of Chengdu due to local coronavirus restrictions and that a second facility had also been affected by recent lockdowns.

The company's shares traded down 0.7 percent at 0737 GMT, lagging a 1percent rise in Stockholm's benchmark index.

Source: Reuters