Volvo Car, the Swedish auto maker, has announced its financial results for the second quarter, highlighting a significant increase in revenue. The company reported a net profit attributable to shareholders of 3.33 billion Swedish kronor ($324.1 million), compared to 8.94 billion kronor in the same period last year.
With revenue for the three-month period ending in June reaching 102.2 billion kronor, Volvo Car attributes this growth to higher volumes. This figure represents a substantial 43% increase compared to the previous year.
Analysts surveyed by FactSet had predicted a net profit of 3.72 billion kronor on a revenue of 100.95 billion kronor, indicating that Volvo Car exceeded expectations.
Looking ahead, Volvo Car anticipates a solid double-digit growth in retail sales for the remainder of the year. Additionally, the company expects an increase in the share of fully electric car sales, surpassing last year’s full-year figure of 11%.
Jim Rowan, Chief Executive of Volvo Car, commented on the positive results: “The second quarter of 2023 demonstrates that we are on track with our plans. Over the past three months, we have made significant progress in achieving our transformation goals while also delivering strong sales and revenue performance.”