ICYMI: Volvo Cars said the global shortage of chips is far from over, but it sees signs that supplies are improving. The outlook came as the carmaker confirmed third-quarter operating profit of $362 million versus $507 million in the year-ago period
warned on Tuesday that the sector-wide semiconductor shortage would continue into next year, as its first quarterly report since listing on the stock market a month ago confirmed a dip in revenue and profit.
"The supply situation has improved going into the fourth quarter, but we expect the industry-wide shortage of semi-conductors to remain a restraining factor,” Chief Executive Hakan Samuelsson said in a statement.Volvo's initial public offering on Oct. 29 was the biggest in Europe so far this year, a sign of strength for the European automotive industry which is in the midst of a challenging transition towards electric vehicles .
Volvo, majority owned by China's Geely Holding , said preliminary sales volumes were around 52,000 cars in November, down year-on-year due to lower production and a build-up of in-transit inventory.
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