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Volvo Cars profit declines in second quarter as EX60 ramps
Volvo Cars posted operating profit of 800 million Swedish crowns, down from 1.6 billion kronor in the first quarter, and said margin improvement is expected as EX60 output ramps up.
Sweden's Volvo Cars reported a decline in second-quarter profits compared with the first quarter, as the automaker looks to accelerate its recovery with deliveries of its new mid-sized electric SUV EX60.
Volvo Cars said it posted operating profit of 800 million Swedish crowns, or about $82.76 million, for the April to June period. That compares with 1.6 billion Swedish crowns reported in the first quarter this year.
The company, majority-owned by China's Geely Holding, said it still expects earnings margins to improve in the second half of 2026 as production of the EX60 ramps up.
In a statement, Volvo Cars CEO Hakan Samuelsson said the company expects significantly stronger sales in the second half, supported by growth in Europe, a continued recovery in the U.S., and a challenging China market.