Volvo says the worst of the chip shortage is over

Volvo says the worst of the chip shortage is over

Volvo Cars, one of Europe's top car brands, said late Monday (Beijing time) that it had passed the worst of a chip shortage that has put pressure on car production.

Jim Rowan, Volvo's chief executive, said on Wednesday that the company's chip stocks were now "back to full supply".

"We issued an outlook in the first quarter saying we were affected by a shortage of a specific chip, which hampered production of most of our products," Rowan said.

"Across the board, we forecast we'd be through by the end of the second quarter and that's what we're seeing," he said. We have solved those chip shortages."

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