A fully electric Volvo EX30 EV car is on display during Everything Electric London 2024 at ExCel on March 28, 2024 in London, England.
John Keeble | Getty Images News | Getty Images
Swedish car manufacturer Volvo cars reported a rise in first-quarter core operating profits on Wednesday, driven by strong retail sales.
Core operating profit for the first quarter was 6.8 billion Swedish kronor ($629 million), up 8% year-on-year. This figure excludes joint ventures and associates.
Sales amounted to 93.9 billion, a decrease of 2% compared to the first quarter of 2023.
Retail sales nonetheless rose 12% year-on-year to 182,687 vehicles, the company said, following a new monthly sales record in March.
“We have started the year strongly, 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. Check back later for updates.