In Europe, Volvo's sales fell by 15 %. Meanwhile, they fell by 27 % and 21 % in the U.S. and China respectively. "The result was significantly influenced by continued component supply shortages, which affected production and consequently deliveries to customers," Volvo said in the statement. Volvo was recently listed on the Nasdaq Stockholm after securing Europe's largest IPO of 2021, selling 380 million new shares at USD6.22 each for a market value of USD18.5 billion.