Volvo Cars CEO suggests the global chip shortage is easing

Volvo Cars, one of Europe’s top car brands, says it’s past the worst of a chip supply crunch that placed a tremendous squeeze on auto production.

The company’s semiconductor inventory is now “back at fully supply,” CEO Jim Rowan told CNBC’s “Squawk Box Europe” on Wednesday.

“We had guided in the first quarter we were affected by one specific semiconductor which hampered production across most of our range,” Rowan added.

“We had forecasted by and large we would be through that by the end of the second quarter, and that’s what we’ve seen. We are through those semiconductor issues.”