Volvo's H1 Sales Rise 41%, Profit More Than Doubles Compared to Pre-Pandemic on Strong Demand for EVs

Sweden carmaker Volvo (OTC: VOLAF), owned by China’s Geely Holding, reported strong first-half results that saw the company double their profit compared to the same period two years ago.

Volvo made a profit of 13.24 billion Swedish crowns ($1.52 billion), which is more than double the profit of 5.52 billion crowns reported in 2019, before the COVID-19 outbreak. The H1 revenue rose by 26% to 141 billion crowns as sales rose 41% to 380,757 cars.

“The pandemic effect, when it comes to our business, we don’t see it anymore,” Chief Executive Håkan Samuelsson told Reuters. “All our employees have not been vaccinated yet, but sales and production are really back to where we were.”

Demand for electric vehicles (EVs) has been strong, the company said, with chargeable cars now representing 25% of total revenue.

“The company stands stronger than ever and we are in the midst of a very substantial transformation... It has to be financed and access to the stock market is of course positive then,” Samuelsson said.

The Sweden-based company is eying an initial public offering (IPO) later this year. It has kept its H2 guidance unchanged while it continues to push to meet its goal to become a fully electric car maker by 2030.

Shares of the company are up 1.2% in today’s European trading session.

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