Volvo Cars core operating profits rise in first quarter on higher retail sales

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A Volvo EX30 fully electric EV Car is displayed during the Everything Electric London 2024 at ExCel on March 28, 2024 in London, England.

John Keeble | Getty Images News | Getty Images

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 Swedish kronor ($629 million), an 8% increase year-on-year. The figure excludes joint ventures and associates.

Revenue was 93.9 billion, down 2% from the first quarter 2023.

Retail sales nevertheless rose 12% year-on-year to 182,687 cars, the company said, after a new all-time monthly sales record in March.

“We have had a strong start to the year, with our first quarter results laying a solid foundation for the year ahead,” CEO Jim Rowan said in a statement.

This is a breaking news story. Please check back for updates.

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