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 rose sharply on Thursday after the company reported a sharp increase in second-quarter annual operating profit.
As of 8:48 a.m. London time, shares were up 6.68%. The company said in a statement that core operating profit for the quarter was 8.2 billion Swedish krona ($776 million), an increase of 28% from the same period last year.
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 vehicle imports from China have come to a head in recent months, with the United States raising auto tariffs and European countries appearing divided over how to address the issue.
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.
This is a developing story and will be updated.