STOCKHOLM (Reuters) – Automaker Volvo Cars said on Tuesday thesupply 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, 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,” Volvo Cars said in the report.
($1 = 9.1009 Swedish crowns)
(Reporting by Helena Soderpalm; Editing by Simon Johnson)
