Volvo’s latest quarterly earnings show the global supply chain crunch has hit the Swedish car brand's production and sales.

The automaker said sales dropped by 17% in the July to September period compared with the same quarter in 2020, blaming the COVID-19 pandemic hitting suppliers across Southeast Asia and an industrywide semiconductor shortage. The earnings report was the company's first since it held an initial public offering in October worth more than $2 billion, one of Europe's biggest this year.

Volvo, owned since 2010 by Chinese carmaker Geely, went public as part of an ambitious goal of becoming an all-electric vehicle maker by 2030.

Its sales numbers indicate Volvo has been making gradual progress on that front, although traditional gas-powered cars still account for most production. Hybrid vehicles account for 22% of all vehicles the company sold, while battery-electric cars made up only 4%.

In some European markets, Volvo also is pivoting to a new sales model based on online subscriptions designed to appeal to customers who want more flexibility.