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.
