South Korea's Hyundai Motor Co, Swiss industrial robot maker ABB and Swedish refrigerator maker Electrolux, among others, see an easing of semiconductor chip shortages, a boost for manufacturers long vying for parts, Reuters reported.

While an easing of chip shortages will ease the woes of the manufacturing sector, the industry is also battling factors such as rising raw material prices, tight energy markets and rising interest rates that have dampened consumer demand.

Hyundai Motor reported its highest second-quarter net profit in eight years. Hyundai Motor's second-quarter net profit rose from 1.8 trillion won in the same period a year earlier, as continued weakness in the won boosted its overseas profits and demand for the company's high-margin SUVs and high-end Genesis vehicles continued to be strong. increased to 2.8 trillion won. The automaker was also buoyed by an easing of global chip shortages.

ABB, a major supplier to the automotive industry, said semiconductor supply bottlenecks are easing with its second-quarter earnings report. The Switzerland-based company competes with Germany's Siemens and France's Schneider Electric and is seen as a barometer of the global economy, with control systems and motors used in the transportation industry and factories.

ABB CEO Rosengren said that chipmakers are increasing their capacity, while demand from other industries such as consumer electronics appears to be lower, allowing more chips to be allocated to industrial customers such as ABB.

Finnish telecom equipment maker Nokia said it expects a global semiconductor shortage to ease later this year as it reported a quarterly operating profit that beat market expectations.

Volkswagen last month forecast a strong second half of 2022 and progress in catching up to rival Tesla as an easing of chip shortages begins to offset supply chain bottlenecks and rising costs.

Sweden's Electrolux also said that the supply situation (including semiconductors) in the third and fourth quarters looked better than in previous quarters.