Volvo Cars expects EV parts shortage to continue into Q3

Asian Tech Press (July 4) -- Geely-owned Swedish automaker Volvo Cars said it expected EV parts shortage to continue into the third quarter as it released sales results for June.

Volvo Cars on Monday reported sales of 49,904 vehicles in June, down 26.9% from a year earlier.

The automaker said production improved significantly in June, with the highest number of cars produced in a single month this year, despite a decline in its June sales due to the COVID-19-related lockdowns in China.

But at the same time, Volvo expected parts shortages for fully electric and plug-in hybrid vehicles to continue, while their deliveries will continue to suffer through the third quarter.

Volvo said it sold 291,301 cars in the first half of the year, down 23.5% year-on-year, during which fully electric vehicles accounted for 7.6% of total sales, more than twice as many as in the same period last year.

Volvo Cars, now owned by Zhejiang Geely Holding Group Co., Ltd., China's largest private auto group, aims to become a fully electric car maker by 2030, and be a climate-neutral company by 2040.

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