Volvo Cars' sales drop in 2022 amid supply snags

STORY: Volvo Cars saw sales drop in 2022.

The Swedish firm said Thursday (January 5) that it had seen challenges across the supply chain.

It also cited restraints caused by parts shortages and health crisis-related lockdowns in China.

That’s the home of its parent firm, Geely Holding.

The problems saw sales dip 12% to just over 615,000 cars.

But there were signs of hope at the end of the year.

Sales in December grew 13% on 2021 - a slight acceleration from November.

Over the last month of the year, electric cars accounted for a fifth of its sales.

When hybrids are included, electrified vehicles accounted for 44%.

Volvo shares were down over 3.5% by lunchtime in Europe following the results.