Volvo Car Corporation has reported a fall of almost 6% in retail sales in the first 10 months of the year although it added that the decline is levelling off.

The Swedish carmaker, which was bought from Ford by China’s Zhejiang Geely in 2010, said sales totalled 347,532 cars in the 10-month period.

The company, has seen weakening demand in several key markets and has scaled back production at its main plants. It added that retail sales in October were down 1.8% from a year ago to 34,843 cars.