Volvo, which has been hit hard by sector-wide supply-chain bottlenecks and semiconductor shortages, warned last year that chip shortages would continue into 2022.
see photosSaid that while production continues to improve gradually, retail deliveries have been put on hold
The automaker said on Wednesday that Volvo Car Group sales fell 20.2% in January under pressure from global component shortages, although demand for its products remained strong. Volvo, which has been hit hard by sector-wide supply-chain bottlenecks and semiconductor shortages, warned last year that chip shortages would continue into 2022.
The Sweden-based company said production continued to gradually improve, but retail deliveries were halted “due to an increase in cars in transit”.
“Supply conditions continue to improve, but component shortages will continue to be a hindering factor for Volvo cars and the auto industry,” Volvo said in a statement.
Volvo, which is owned by China’s Geely Holding, listed on Nasdaq Stockholm in October after closing the year’s largest initial public offering in Europe.
The carmaker’s global sales fell to 47,561 cars in January, with sales falling 24.8% in Europe, while they fell 12.8% in the United States.
Volvo, which is owned by China’s Geely Holding, listed on Nasdaq Stockholm in October after wrapping up Europe’s biggest initial public offering in October.
This follows the fourth quarter results on February 11.
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