Geely's Volvo Cars quarterly operating profit rose 11%, exceeding expectations, with the stock price once surging by 40%

Geely Holding's Volvo Cars announced its third-quarter performance. The quarterly operating profit increased by 11% year-on-year to 6.4 billion Swedish Krona, exceeding market expectations of 5.8 billion Swedish Krona. Quarterly revenue decreased by 7% year-on-year to 86.4 billion Swedish Krona. The company stated that the increase in quarterly operating profit was driven by a cost-saving plan of 18 billion Swedish Krona.

Quarterly retail car sales fell by 7% year-on-year to 160,500 units, with sales in the Chinese market remaining nearly flat at 34,800 units. Sales in the U.S. and European markets decreased by 9% and 10% year-on-year, respectively. Electric vehicle sales dropped by 13% year-on-year to 72,300 units, with pure electric vehicle sales declining by 18% year-on-year to 34,900 units.

Volvo Cars' stock price recently rose by 33%, with the stock reaching a peak increase of 41% during the trading session, marking the largest intraday gain since the company's listing four years ago