VOLVO’S FINANCES WEATHER GLOBAL STORMS
Volvo achieved “a stable financial result” in the first quarter of 2022 despite its operations being dramatically affected by the semiconductor shortage, the war in Ukraine and soaring material costs.
The Swedish firm’s operating profit for the quarter stands at SEK 6.04 billion (£484.6 million), down SEK 2.3bn (£190m) on the same period in 2021. With production running at limited capacity, Volvo sold 148,295 cars last quarter, down 20% on Q1 2021, and it expects output will remain restricted and costs high into the second half of 2022.