By Dominic Chopping
STOCKHOLM–Volvo Car AB said Monday that car sales fell 22.1% on-year in March and cautioned that production will remain impacted by component shortages in the second quarter.
The Swedish auto maker–majority owned by China’s Zhejiang Geely Holding Group–said it sold 58,677 cars in March, down from 75,315 in the same month last year.
In Europe, sales fell 30.4% to 26,954 cars, while sales in China dropped 22.6% to 12,378 cars. The company reported a sales decline of 5.0% in the U.S., to 9,428 cars.
Volvo’s Recharge range of fully-electric or plug-in hybrid models accounted for 35.5% of all Volvo cars sold globally in March, while fully-electric models accounted for 9.0% of global sales.
The auto maker aims to become a fully-electric car maker by 2030.
“During the first quarter… supply chain constraints affecting Volvo Cars and the auto industry continued to slowly ease… However, due to a disturbance related to lack of a specific semiconductor, Volvo Cars is now experiencing a temporary deviation from that trend which is expected to impact production during the second quarter,” the company said.
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