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Volvo’s January gross sales tumble 20% as chip scarcity lingers

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STOCKHOLM — Volvo Automotive gross sales fell 20 % to 47,561 in January below strain from the worldwide element scarcity, although demand for its merchandise remained sturdy, the automaker stated.

Gross sales in Europe dropping 25 % whereas they fell 13 % within the U.S., the automaker stated Wednesday in a press release.

Volvo, which has been closely impacted by sector-wide supply-chain constraints and semiconductor shortages, warned final yr that the chip scarcity would proceed into 2022.

The Swedish firm stated that whereas manufacturing had continued to enhance step by step, retail deliveries had been held again “as a consequence of a rise of automobiles in transit.”

“The provision state of affairs continues to ease, however element shortages will stay a constraining issue for Volvo Automobiles and the auto business,” Volvo stated within the assertion.

Volvo stated the XC60 was its best-selling mannequin final month, adopted by the XC40 and the XC90.

Volvo, which is majority owned by China’s Geely Holding, listed on Nasdaq Stockholm in October after wrapping up Europe’s greatest preliminary public providing of the yr.

The model is because of put up fourth-quarter outcomes on Feb. 11.

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