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The company, owned by China’s Geely Holding, has been boosted by growing demand for electric cars, but several automakers have been forced to cut production lately due to global shortages of semiconductors.
The Swedish carmaker reported operating earnings of 13.24 billion crowns ($1.5 billion) versus a loss of 989 million a year earlier, when results were heavily affected by the initial outbreak of the pandemic.
First-half profits also beat Volvo Cars’ profit of 5.52 billion crowns in the corresponding period of 2019, before the novel coronavirus struck.
“All our regions reported solid growth with improved market shares and our sales mix strengthened, with an increasing share for our SUV models,” Chief Executive Hakan Samuelsson said in a statement, adding the firm was keeping its second-half outlook for flat sales and revenue growth year-on-year.
The company, which is considering carrying out an initial public offering (IPO) before the end of this year, said earlier this month that first-half sales rose 41% to 380,757 cars.
($1 = 8.6821 Swedish crowns)
