Volvo Car announced that car sales fell 28.3% year on year in May as supply chain problems and lockdowns in China hit production.
The company had previously said that shortages of semiconductors would affect production during the second quarter, although today it said it had recently seen signs of improved supply with gradual easing of constraints, allowing for a slight improvement in production volumes.
Volvo said demand for its vehicles remained strong and that it expected production to increase gradually.
In Europe, sales fell 24.3% to 18,752 vehicles, while sales in China fell 43.8% to 9,488 vehicles.
In the US, the company announced a 29.1% drop in sales to 9,372 vehicles.
Source: Capital
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