STOCKHOLM (Reuters) – Sweden-based Volvo Cars said on Thursday that 2023 looked like another challenging year despite good demand for its vehicles as it reported a fall in quarterly profit.
Volvo Cars, which is majority-owned by Chinese carmaker Geely Holding, said fourth-quarter operating profit fell to 3.4 billion Swedish crowns ($322.2 million) from 3.7 billion a year ago one year.
“While 2023 looks set to be another challenging year, we are hopeful that the supply shortages related to China’s COVID-19 are behind us and that we continue to see steady improvement in semiconductor supply,” he said in a statement.
“Despite global turbulence, uncertainty and our recent price increases, we continue to see healthy demand for our cars,” he said.
(Reporting by Marie Mannes, additional reporting by Agata Rybska, editing by Anna Ringstrom)
