- 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.
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