Volvo Cars sees supply situation improving after Q3 profit drop

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Automaker Volvo Cars (VOLCARb.ST) said on Tuesday the supply situation had improved going into the fourth quarter, as it posted its first quarterly report after listing its shares on the stock exchange last month.

The Gothenburg-based manufacturer, majority owned by China’s Geely Holding (GEELY.UL), confirmed a previously announced third-quarter operating profit figure of 3.3 billion Swedish crowns ($362.6 million), versus 4.6 billion in the year-ago period.

“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,”

Author: desi123 is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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