Sweden-based automaker Volvo Cars reported a 54% fall in second-quarter operating earnings on Thursday as the year-ago period's profit was boosted by a one-off gain, and it forecast healthy demand for its vehicles despite pricing pressures.
reported a 54% fall in second-quarter operating earnings on Thursday as the year-ago period's profit was boosted by a one-off gain, and it forecast healthy demand for its vehicles despite pricing pressures.
The company said the reason for last year's high profit was a one-off non-recurring accounting effect from Polestar's listing. Excluding joint ventures and associates, its second quarter EBIT for 2023 was up at 6.4 billion crowns versus 4.6 billion a year ago. Volvo said its sales performance was driven by improved production output and that it expected supply and demand to continue to normalise in the wider markets.
Automakers such as Volvo have begun slowly emerging from an extended period of supply chain pain, not least chip shortages and production disturbances in China, which have hit output and driven up costs.
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