Volvo Cars July sales drop 21.5%, sees improvement ahead
2022.08.03 10:29
FILE PHOTO: A staff member stands in front of Volvo XC60 and XC90 SUVs displayed at its booth during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. REUTERS/Aly Song/File Photo
OSLO (Reuters) – Volvo Car Group’s July sales were down 21.5% from a year earlier but could rebound in the coming months, the Sweden-based automaker said on Wednesday.
A shortage of semiconductors and other components has squeezed auto industry output and sales in recent quarters, but Volvo said last month it was seeing a “marked improvement” in the stabilisation of its supply chain.
“Provided this normalisation continues, the company expects production to progressively increase in the coming months,” Volco Cars said in a statement on Wednesday.
“On the back of this expected improvement, the company anticipates retail sales to be flat or slightly lower for the full year 2022, compared with volumes in 2021.”
