"The supply situation continues to ease, but component shortages will remain a constraining factor for Volvo Cars and the auto industry," Volvo said in a statement. Volvo profit up in 2021, but supply crunch bites Global sales at the car manufacturer fell to 47,561 cars in January, with sales in Europe dropping 24.8% while they fell 12.8% in the United States. Volvo, which is majority owned by China's Geely Holding, listed on Nasdaq Stockholm in October after wrapping up Europe's biggest initial public offering of the year.