Volvo December sales hit by chip shortage

Volvo Car’s sales fell 18.1% in December, Reuters reports.

Volvo’s sales were hit by the lingering global chip shortage.

Volvo had warned in November that the chip shortage would continue into 2022.

Volvo global sales fell to 64,436 cars in December. Sales in Europe dropped 15.1%, and 26.7% in the United States.

Last year, Volvo’s sales grew 5.6% last year to 698,693 cars.

Volvo’s 2021 full-year outlook is for sales volume and revenue growth with improved profitability to pre-pandemic levels.

Volvo is due to post fourth-quarter earnings on Feb. 11.