Volvo earnings top pre-crisis levels

Volvo's earnings pushed past pre health crisis levels Friday (July 23) - welcome news for the Sweden-based company, as it considers a possible IPO later this year.

Volvo, which is owned by China's Geely Holding, said it made a first-half profit of 13.24 billion Swedish crowns, or $1.52 billion.

That's more than double its profit in the same period of 2019.

Like other automakers, Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year's health crisis plunge helped first-half revenue rise.

Volvo is eyeing an initial public offering before the end of this year, and said all its regions showed solid growth, with chargeable cars representing 25% of total sales.

It plans to become a fully electric car maker by 2030, and sell 600,000 battery electric vehicles at mid-decade.

The firm aims to build a European battery gigafactory in 2026.

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