Geely's Volvo Cars To Halt Belgian Production For One Week Due To Semiconductor Chip Crisis: Reuters

June 17, 2021 8:11 AM | 1 min read |

Geely Automobile Holdings Ltd’s GELYF GELYY Volvo Cars will stop production at its Belgian plant in Ghent next week due to the global semiconductor chip crisis, Reuters reports.
The chip shortage has hit automakers globally as the carmakers compete with the consumer electronics industry for supplies.
The automaker aims to resume production from June 28.
Volvo Cars had stopped or adjusted production in China and the U.S. for parts of March.
A.B. Volvo increased global sales for the January to May period by 49.9% year on year. It is considering listing on the Nasdaq Stockholm stock exchange in 2021.
Price action: GELYY shares closed lower by 3.41% at $56.83 on Wednesday.