Volvo achieved what it calls "a stable financial result" in the first quarter of 2022 in the face of several strong headwinds affecting its operations.
The Swedish car maker's operating profit for the period stands at SEK 6.04 billion (£484.6 million), down some SEK 2.3bn (£190m) on the same period in 2021.
That's partly a result of the ongoing supply chain crisis, which has throttled output for many of the world's largest car makers over the past year. Volvo noted a gradual improvement in the supply of semiconductor chips over the past quarter, but production overall was down and is expected to remain low in the second quarter.
