According to Reuters news agency, South Korea's Hyundai Motor Company, Swiss industrial robot maker ABB and Swedish refrigerator maker Electrolux, among others, believe that the shortage of semiconductor electronic chips has eased, which is a boost to manufacturing companies that have long competed for parts.

While the easing of electronic chip shortages will ease manufacturing woes, though the industry is simultaneously battling rising raw material prices, tight energy markets and rising interest rates, all of which have dampened consumer demand.

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

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

ABB Chief Executive Rosengren said capacity at electronics chip makers is increasing while demand in 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 the global semiconductor shortage to ease later this year after the company reported quarterly operating profit that beat market expectations.

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

Sweden's Electrolux also said supply conditions, including semiconductors, looked better in the third and fourth quarters than in previous quarters.