Volvo Cars’ sales rise in December, but down for 2022 amid supply chain headwinds

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Volvo Cars, which is majority-owned by China’s Geely Holding, said sales grew 13% year-on-year in December to 72,663 cars, a slight acceleration from November, but that 2022 sales fell 12% to 615,121 cars.

“Full year sales performance was affected by challenges across the supply chain, as well as production restraints caused by component shortages and Covid-related lockdowns in China,” it said in a statement.

“Despite this, demand for Volvo Cars remained robust,” it said.

Shares in the company were down 2% in early trade.

Volvo Cars said fully electric vehicles in December accounted for 20% of car sales, unchanged from the previous month. Recharge models, including those not fully electric, accounted for 44% in the month, up from 42%.