Volvo Cars: 26.9% fall in car sales in June

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Volvo Cars’ sales fell 26.9% year-on-year in June as lockdowns in China caused parts shortages that hit production of its mostly electric and plug-in hybrid cars.

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The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group, said it sold 49,904 vehicles in June, down from 68,224 vehicles in the same month last year.

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In Europe, sales fell 44.1% to 16,039 cars, while sales in China fell 1.3% to 16,468 cars.

The company reported a 31.2% drop in US sales to 8,434 cars.

Volvo Cars previously said semiconductor shortages would affect production in the second quarter, but today it said demand remains strong and it is starting to see a marked improvement in its production situation.

However, it said in a statement that the percentage of deliveries of fully electric and plug-in hybrid cars will continue to be affected in the third quarter.

Source: Capital

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