Volvo Cars has downgraded its delivery targets for the year because of lockdowns in China, while rising costs and the need to buy semiconductors on the open market cut its profits during the third quarter.
The Swedish carmaker, backed by China’s Geely, had expected wholesale deliveries would remain flat this year compared with 2021.
But on Thursday it said it was now forecasting “slightly lower wholesale volumes than 2021, assuming no further major supply chain disturbances”.
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