Truck maker Volvo profit beats forecast, but chip woes linger

By Helena Soderpalm STOCKHOLM (Reuters) -Sweden’s AB Volvo beat third-quarter core earnings expectations on Thursday boosted by strong demand for its trucks even as lingering chip shortages hampered production. Shortages of components and freight capacity had resulted in production disruptions and increased costs, Volvo said in a statement. It also cautioned that it expected further disruptions and stoppages, both in truck production and in other parts of the group. While recovering strongly, the group’s sales and adjusted earnings remained below pre-pandemic levels. Volvo, a rival of Germany’s Daimler and Traton, said order intake of its trucks, including brands such as