Volvo reports 30% sales decline in September as chip shortage continue

by SpeedLux
Images of Volvo V90 Cross Country

Volvo Car Group’s monthly sales declined 30.2% from a year ago in September, affected by the global chip shortage, the automaker said on Monday.

The automaker warned last month that sales volumes in the second half of 2021 could decline year-on-year after production cuts because of material shortages.

“The decline was related to a shortage of components. This affected production although it picked up again late in the month,” the automaker said in a statement, adding demand for its products is still strong.

Worldwide sales at the firm, which is considering listing on the Nasdaq Stockholm stock exchange this year, declined to 47,223 cars in September, with sales in Europe declined 41.5% while they declined 9% in the United States.

The chip shortage, which has hit automakers worldwide, emerges from a confluence of factors as automakers, which closed plants for two months during the coronavirus pandemic last year, rival against the sprawling consumer electronics industry for chip supplies. A factory fire suffered by Japanese chipmaker Renesas this year is also cited as a reason behind the chip shortage.

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