Volvo Cars July sales drop 21.5%, sees improvement ahead

OSLO, Aug 3 – Volvo Cars Group  (VOLCARb.ST) July sales were down 21.5% from a year earlier but could rebound in the coming months, the Sweden-based automaker said on Wednesday.

In recent quarters, a shortage of semiconductors and other components has squeezed auto industry output and sales. Still, Volvo said it was seeing a “marked improvement” in the stabilization of its supply chain last month. read more

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“Provided this normalization continues, the company expects production to increase in the coming months progressively,” Volvo 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.”

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