Caixin
Jul 05, 2022 04:21 AM
BUSINESS

Volvo Cars Says China Shutdowns Will Hurt Third-Quarter Sales

(Bloomberg) ― Volvo Car AB warned that 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% compared with the same month last year. China’s Zhejiang Geely Holding Group owns Volvo Car.

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,” according to a statement.

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