Geely’s Volvo Cars reported sales down 20.2% to 47, 561 cars worldwide in January though it claimed demand for its products “remains strong.

“While production has continued to gradually improve, retail deliveries were held back due to an increase of cars in transit. The supply situation continues to ease, but component shortages will remain a constraining factor for [us] and the auto industry,” the automaker said in a statement.

Sales of Recharge (electrofied) models increased 11.5% in January, accounting for 31.7% of volume. Sales of fully electric cars during the month more than doubled year on year and accounted for 6.6% of total sales.

European sales for the month fell 24.8% to 18,691 and Recharge models accounted for 53.1% of the total.

In China, sales declined 23.6% to 14,629.

US sales fell 12.8% to 7,110.

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The XC60 was the company’s top selling model in January with 14,516 cars (2021: 17,053 units), followed by the XC40, 12,286 (2021: 17,770) and the XC90, 7,243 (2021: 7,564).