Volvo Cars August sales down 4.6% year-on-year

An employee at a Volvo car dealership, wearing a protective mask, is seen in the showroom amid the coronavirus (COVID-19) outbreak in Brussels, Belgium, May 28, 2020. REUTERS/Yves Hermann

HELSINKI, Sept 2 (Reuters) – August sales of Sweden’s Volvo Cars ( VOLCARb.ST ) fell 4.6 percent year-on-year to 43,666 vehicles as a global semiconductor shortage and other disruptions continued to hurt supplies, it said. the Swedish automaker in a statement.

Demand remained good, but component shortages, as well as power outages and the COVID-19 outbreak in China, disrupted production, the company said.

Volvo Cars on Thursday said it will temporarily close its plant in the Chinese city of Chengdu due to local coronavirus restrictions and that a second facility has also been affected by recent lockdowns. Read more

The company’s shares were trading down 0.7 percent at 0737 GMT, lagging a 1 percent rise in Stockholm’s benchmark index.

Reporting by Essi Lehto, editing by Terje Solsvik

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