Volvo Cars warns China shutdowns will hit Q3 sales
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VOLVO Car has warned that the 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 per cent compared to the same month last year.
However, the company 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,” it said in a statement.
The development marks the latest supply-chain issue to grip the global auto industry. Last week, Tesla Inc cited factory shutdowns in Shanghai as a reason for disappointing car deliveries; General Motors Co issued a profit warning amid a backlog of 95,000 vehicles that can’t be sold until semiconductors arrive to finish assembly.
Volvo Cars shares gained as much as 1.9 per cent in Stockholm on Monday while the OMX Stockholm All Share Index advanced 0.9 per cent.. BLOOMBERG
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