Volvo Cars 2022 Sales Decline 12% On Supply Chain Woes, China Lockdown

by Shivani Kumaresan, Benzinga Staff Writer

January 5, 2023 5:51 AM | 1 min read | Make a Comment

Volvo Cars sold 615,121 cars in 2022, a 12% decrease year-on-year. The decline in sales was due to challenges across the supply chain, as well as production restraints caused by component shortages and COVID-related lockdowns in China.
Volvo Cars is owned by Zhejiang Geely Holding (Geely Holding) of China. Volvo Cars formed part of the Swedish Volvo Group VLVLY until 1999.
The share of fully electric Volvo Cars reached 10.9% during the year, compared with 3.7% last year.
Also Read: Volvo To Supply 20 Electric Trucks To Amazon
The number of Volvo Cars sold online increased by 17% Y/Y.
Volvo Cars 2022 sales in the U.S. slumped 16.5%, and China dropped 5.4%.
For the month of December, Volvo Cars sales increased 12.8% Y/Y to 72,663 cars.
Photo Via Company