News Formal

Volvo Cars CEO leans on premium market as core operating profits rise in first quarter

  • 📰 NBCPhiladelphia
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

News News

United States United States Latest News,United States United States Headlines

Swedish automaker Volvo Cars on Wednesday reported an uptick in first-quarter core operating profits driven by strong retail sales.

First-quarter core operating profit was 6.8 billion , an 8% increase year-on-year. The figure excludes joint ventures and associates.First-quarter core operating profit was 6.8 billion Swedish kronor , an 8% increase year-on-year. The figure excludes joint ventures and associates.Sign up for NBC Philadelphia newsletters.

"I think it's because we play into that premium market sector that we're a little bit more protected," he told CNBC's"Squawk Box."The company said the results showed it was"on track" toward its target of at least 15% annual sales volume growth. The growth included a modest uptick in electric vehicles sales, as the company has doubled down on the category. EV gross margins rose to 16% in the first quarter from 7% the year prior."I think we're a little bit ahead of at least some of our competitors, and we plan to stay that way.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 569. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Volvo's CEO Is Making Tough Decisions and the Company Keeps WinningVolvo has worked to digitize its production, create lauded cars and achieve all-time high profits.
Source: Newsweek - 🏆 468. / 52 Read more »