HELSINKI
Volvo Cars’ August sales dropped by 4.6% compared to the same month last year, to 43,666 cars. The global shortage of semiconductors and other problems continued to hurt deliveries, the Swedish car company said in a statement.
Demand stayed high, but the company said that production was stopped by a lack of parts, power outages, and COVID-19 outbreaks in China.
Related: Customized cars increase Bentley’s first-half profit.
On Thursday, Volvo Cars announced that it would temporarily close its plant in the Chinese city of Chengdu because of restrictions related to the coronavirus. The company also said that a second plant had also been locked down recently.
At 07:37 GMT, the company’s shares were down 0.7%, which was less than Stockholm’s benchmark index, which was up 1%.
