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Volvo car sales tumble 26.9% in June as China lockdowns hit component supply

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STOCKHOLM–Volvo Car AB mentioned Monday that automobile gross sales fell 26.9% on 12 months in June as Covid-19 lockdowns in China induced part shortages which primarily hit manufacturing of its totally electrical and plug-in hybrid automobiles.

The Swedish auto maker
VOLV.B,
+0.68%

— majority owned by China’s Zhejiang Geely Holding Group
175,
-3.70%

— mentioned it bought 49,904 automobiles in June, down from 68,224 in the identical month final 12 months.

In Europe, gross sales fell 44.1% to 16,039 automobiles, whereas gross sales in China dropped 1.3% to 16,468 automobiles. The firm reported a gross sales decline of 31.2% within the U.S., to eight,434 automobiles.

The firm had beforehand mentioned semiconductor shortages would have an effect on manufacturing in the course of the second quarter, however on Monday it mentioned demand stays sturdy and that it’s beginning to see a marked enchancment in its manufacturing scenario.

“Volvo Cars anticipates, however, that the share of deliveries of fully electric and plug-in hybrid cars will continue to be impacted into the third quarter,” it mentioned.

Write to Dominic Chopping at [email protected]

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