Volvo Cars to close China plant due coronavirus restrictions
Reuters
Published Sep 01, 2022 07:10AM ET
OSLO (Reuters) -Sweden's Volvo Cars will temporarily close its plant in the Chinese city of Chengdu due to local coronavirus restrictions, a company spokesperson said on Thursday.
"Due to the lockdown in Chengdu, Volvo Cars is temporarily suspending production at a manufacturing plant there. We are assessing the impact on the business and we'll continue to monitor the situation," the spokesperson said.
Volvo's plant in Daqing had also been affected by a lockdown in recent days, he added.
Earlier on Thursday, Chengdu announced a lockdown of its 21.2 million residents, the most populous city to be locked down since Shanghai earlier this year.
Stockholm-listed Volvo, majority owned by Chinese automotive company Geely Holding, has produced cars in China since 2013 and last year sold almost 172,000 vehicles in the country, some 25% of its overall sales.
The company's shares traded 3.3% lower at 1058 GMT, lagging the Stockholm benchmark index which was down 1.7%.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.