That was according to Volvo Cars on Tuesday (November 30).
The Swedish automaker says it expects the silicon drought to continue into next year.
But it says the supply situation improved going into the fourth quarter, with production picking up month by month.
Volvo says the chip shortage, rather than any lockdown-related issues, remains its biggest challenge.
The outlook came as Volvo reported its first results since listing on the stock market a month ago.
It confirmed third-quarter operating profit of around $362 million.
That was down more than a quarter on this time last year.
Shares in the firm fell around 3% in early trade, having surged almost a third since their stock market debut.
Volvo's IPO in October was the biggest in Europe so far this year.
