On March 18, 2024, in Shanghai, China, a staff member of a Volvo car store introduced the Volvo xc60 and other models through a live broadcast.
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Volvo Cars Shares jumped Thursday after the company reported a sharp increase in second-quarter annual operating profit.
The company said in a statement that core operating profit for the quarter reached 8.2 billion Swedish krona ($776 million), an increase of 28% from the same period last year, and the stock price closed up 11%.
The automaker said this was the highest number ever recorded in a single quarter. Core data exclude joint ventures and associates.
The automaker said global retail sales rose 15% annually to 205,400 vehicles in the quarter, noting that the growth was driven by higher sales of hybrid and fully electric vehicles.
The company said electric and hybrid models combined accounted for 48% of its global sales in the quarter.
Volvo is doubling down on the electric vehicle market amid fierce competition as many Chinese automakers make major inroads into the field. Tensions over higher tariffs on electric vehicles imported from China have reached a fever pitch in recent months, with the United States raising auto tariffs and European countries raising tariffs on Chinese imports. appear divided On how to solve this problem.
Volvo Cars’ second-quarter revenue fell slightly to 101.5 billion Swedish kronor from 102.2 billion Swedish kronor in the same period last year.
Volvo Cars Chief Executive Jim Rowan said in a statement: “We delivered strong results in the second quarter of 2024 with record underlying profitability, a testament to our ability to navigate complex geopolitical and economic challenges. The ability to create value in an economic environment.
2024 first quarterVolvo Cars previously reported a 2% year-on-year revenue decline. Operating profit in the first quarter was SEK 6.8 billion, with retail sales of 182,687 vehicles.
