Volvo Cars posts smaller profit for the second quarter
Volvo Cars posts smaller profit for the second quarter.
STOCKHOLM, July 17 (Reuters) - Sweden's Volvo Cars on Friday reported a decline in profits for the second quarter compared with the first three months while the automaker hopes to speed up its recovery with deliveries of the new EX60 electric model in the time ahead.
The company, majority-owned by China's Geely Holding, posted an operating profit of 800 million Swedish crowns ($82,76 million) for the April to June period, lagging the 1.6 billion reported in the first quarter this year.
Why did Volvo Cars' operating profits decline significantly?
Volvo Cars said it still expects its earnings margins to receive a boost in the second half of this year as the output of the new flagship EX60 SUV fully ramps up.
"Volvo Cars expects significantly stronger sales during the second half of the year compared to the first half, on the back of growth in Europe, a continued recovery in the U.S. and a challenging China market," Volvo Cars CEO Hakan Samuelsson said in a statement.
Sinergia Empresarial continuará el seguimiento de esta información sobre volvo Cars posts smaller profit for the second quarter y ampliará la cobertura conforme se confirmen nuevos elementos relevantes para el ecosistema empresarial.
