Volvo Cars Delivered A Strong Second Quarter Performance In 2024

According to Volvo, the company’s London times shares rose to 7.11% earlier Thursday morning (July 18). The carmaker’s core operating profit for the quarter came in at 8.2 billion Swedish kronor ($776 million), 28% higher than in the same quarter a year sooner.

This rise was the highest ever figure for one individual quarter, the carmaker said. The core figure excludes joint ventures and associates.

Global retail sales rose 15% year-on-year in the quarter, climbing to 205,400 cars, the carmaker said, noting that the jump was driven by a hike in sales of both hybrid and fully electric cars.

For the most part, electric vehicles and hybrid models represented 48% of the organization’s global sales in the quarter, the organization said.

Volvo has been multiplying down on the EV market in the midst of heating competition, as a group of Chinese carmakes push vigorously into the sector.

Tensions around higher tariffs on EVs imported from China have come to a head in recent months, with the U.S. hiking duties on the cars, while the European countries appear divided on how to tackle the issue.

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Volvo Cars’ revenue dipped slightly in the second quarter, coming in at 101.5 billion Swedish kronor from 102.2 billion Swedish kronor over the same period of last year.

“We delivered a strong second quarter performance in 2024 with record underlying profitability, demonstrating our ability to create value despite a complex geopolitical and economic environment,” Volvo Cars CEO Jim Rowan said in a statement.

In the first quarter of 2024, Volvo Cars had reported a 2% year-on-year decline in revenue. First-quarter operating profit had come in at 6.8 billion Swedish kronor, while retail car sales amounted to 182,687.