Volvo Cars Q2 operating earnings beat expectations

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July 18, 2024 1:13 AM EDT

FILE PHOTO: Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/File Photo

STOCKHOLM (Reuters) - Swedish automaker Volvo Cars reported a significant beat in second-quarter operating earnings on Thursday, demonstrating resilience in an industry grappling with a weak electric vehicle (EV) market.

Volvo Cars' operating income, which includes impact from its stake in loss-making Polestar, came to 8.0 billion compared to the 5 billion crowns it posted a year ago.

This was above the 6.7 billion crowns expected by analysts polled by LSEG.

Volvo Cars said its operating income excluding joint ventures and associates rose to 8.2 billion Swedish crowns in the quarter from a year-ago 6.4 billion.

(Reporting by Marie Mannes, editing by Louise Rasmussen)


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