Chip Shortages Dampen Volvo Car Sales By 18.1% In December

The sales of Swedish automaker, Volvo Car Group, fell by 18.1% in December amidst concerns for global semi-conductor shortages and supply-chain disruption, Reuters reported.

In November last year, the company, which is owned by China’s Geely Holding, had warned that the chip shortage will continue in 2022.

The global vehicle sales fall to 64,436 cars in December, with sales in Europe dropping to 15.1%, and sales in the USA falling to 26.7%.

Last year, the company's sales grew by 5.6% to 6,98,693 cars, of which 27% were Recharge models with a fully electric or plug-in hybrid power train. The company is due to post its Q4 earnings on February 11.

The company, which got listed on Nasdaq Stockholm in October last year, witnessed Europe’s biggest IPO of the year.