In spite of the supply chain disruptions and increased material costs plaguing production everywhere, Swedish vehicle maker Volvo reported a boost in second-quarter profits on Tuesday.
The company reported “good momentum both in the sales of vehicles and in the service business,” in a statement accompanying the data release, which showed that profits rose to 13.7 billion krona (or 1.3 billion dollars), up from 11.4 billion in the second quarter of 2021.
That was on sales that rose 31 percent to 118.9 billion krona compared to the second quarter of 2021.
Adjusted for currency fluctuation, that’s an increase of 20 percent.
Both figures were higher than what analysts had forecast for the company.
The company’s share price bounced up to 5.14 krona, from 4.38, on the news.