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

HELSINKI (Reuters) -Sweden’s Volvo Cars saw its August sales fall by 4.6% year-on-year to 43,666 vehicles as the global semiconductor shortage and other disruptions continued to hurt deliveries, the Swedish car maker said in a statement.

Demand remained good, but the component shortages as well as power cuts and COVID-19 outbreaks in China interrupted output, the company said.

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

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

(Reporting by Essi Lehto, editing by Terje Solsvik)