Shares in Volvo Cars rose sharply on Thursday after the company reported a jump in annual operating profit for the second quarter.
Core operating profit for the quarter was SEK 8.2 billion ($776 million), up 28% from the same quarter last year. That’s the highest figure ever for a single quarter, the automaker said.
Global retail sales rose 15% year-on-year in the quarter to 205,400 cars, with the jump fueled by growth in sales of both hybrid and fully electric cars.
Overall, electric vehicles and hybrid models accounted for 48% of global sales in the quarter, the company said.
Volvo Cars’ revenue fell slightly in the second quarter, reaching SEK 101.5 billion from SEK 102.2 billion in the same period last year.
In the first quarter of 2024, Volvo Cars reported a 2% year-over-year decline in revenue. Operating profit in the first quarter amounted to SEK 6.8 billion, while car sales amounted to SEK 182,687.
Source: Seebiz.eu
Photo: Archive Autoblog.rs / Volvo
Source: autoblog.rs
