Swedish automaker Volvo Cars expects lower wholesale volumes this year, it said on Thursday as it reported a drop in third-quarter operating profit, hit by higher costs and lower volumes. While manufacturing output continued to improve in the third quarter, the pace of production normalisation was slowed by power outages and COVID-19 related lockdowns in China, it said. Despite robust demand throughout the year, a global shortage of semiconductors has forced Volvo and its peers to curtail vehicle output. Only this week, the shortage saw Volvo having to shut one of its Swedish factories for a week. It reaffirmed its goal of 50% fully electric cars in its third-quarter report. Source: Investing.com #VolvoCars