Volvo Cars CEO Annoyed About Chip Shortages
The CEO of carmaker Volvo Cars is “annoyed” about the global shortage of chips that the car industry is struggling with. He said this in an interview with the Bloomberg news agency.
According to CEO Hakan Samuelsson, there is a high demand for the cars of the Swedish brand, but this cannot be met due to the chip shortage.
In the first half of this year, sales of Volvo Cars, which the Chinese Geely owns, rose by 41 percent to the record level of 380,757 cars compared to a year earlier. Samuelsson says continued strong demand is expected for the second half of the year, but growth is being held back by chip shortages.
“It’s very irritating because we have a lot of customers who want to buy our cars. We want to build more and sell more, but I don’t think this will improve any time soon,” said Samuelsson. Volvo Cars have already had to stop production in some factories, including in Belgium, temporarily. Other major car manufacturers are also suffering from chip shortages.
Volvo Cars may go to the stock exchange in Stockholm later this year. However, Geely will remain a significant shareholder after that step. The Chinese car company bought Volvo Cars in 2010 from the American car group Ford Motor for approximately 1.4 billion euros.