2023-07-20 15:56:00
Swedish automaker Volvo Cars increased its revenue in the second quarter of this year, while its operating profit halved.
Volvo Cars’ earnings before interest and taxes (EBIT) fell to 5 billion SEK from 10.8 billion a year earlier, according to data released on the company’s website on Thursday. Last year’s result was halved. This year’s EBIT figure, calculated without taking into account certain items, on average was in line with analysts’ expectations and amounted to 5.2 billion kroons against 6.4 billion kroons, which is 39% higher than the figure of 4.6 billion kroons in the second quarter of last year.
Volvo Cars’ revenue jumped 43% in the second quarter to SEK 102.2 billion.
Sales of all-electric Volvo models grew 178% year-on-year in the quarter, according to Chinese majority manufacturer Geely. Their total share rose to 16% after 7% in the second quarter of last year.
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