Shulou(Shulou.com)11/24 Report--

Thanks to CTOnews.com netizens Wu Yanzu in South China for the delivery of clues! CTOnews.com, July 20 / PRNewswire-FirstCall-Asianet /-- Volvo announced its second-quarter results today, showing that its operating profit fell 54% in the second quarter, as profits were boosted by one-off gains in the same period last year. The company said it expected demand to remain healthy despite price pressures.

▲ Touyuan Pexels Volvo's second-quarter profit before interest and tax (EBIT) was 5 billion Swedish kronor (CTOnews.com Note: currently about 3.495 billion yuan), slightly lower than the 5.2 billion Swedish kronor (currently about 3.635 billion yuan) that analysts had expected. The company said the high profit in the same period last year was due to one-off gains from the listing of Polestar.

Volvo said its sales performance was mainly driven by higher production and expected more normalisation of supply and demand in the market. The company expects some additional pricing pressure from the normalization of supply and demand. Although high interest rates have squeezed overall market performance, Volvo expects demand for the brand to remain healthy.

For electric cars, Volvo said its second-quarter profits for pure electric vehicles had been squeezed by soaring inflation and rising prices of raw materials such as lithium, which was purchased when prices peaked at the end of 2022.

The company added that profit margins for pure electric vehicles are expected to improve by the second half of 2023 as the price of lithium falls and the pricing of some pure electric vehicles rises. Volvo also reiterated that full-year sales are expected to achieve double-digit solid growth.

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