Photo: Reuters
On Wednesday, Sweden-based automaker Volvo Car Group divulged that its monthly sales fell 24.8% in April compared to a year ago due to lockdowns in China and global supply chain problems hampering production.
But demand remained strong, the company said.
They added that shares of fully electric cars rose to 10% from 9% in March. By the middle of this decade, the company expects 50% of its sales to be pure electric cars.
“In April, Covid-19 lockdowns in eastern China impacted retail deliveries in China and added more challenges to already weakened global supply chains, resulting in additional loss of production,” Volvo wrote in a statement.
In April, Volvo sales in China, which is majority-owned by China’s Geely Holding, declined 47.8%. In the United States, sales fell by 9.2% and in Europe, by 23.2%.
Last week, Volvo Cars reported forecast-beating profits despite higher costs due to the war in Ukraine and a global shortage of semiconductors.
