Volvo Cars shares soar 40% after profit beat — best trading day ever

Volvo Cars shares surged nearly 40% on Thursday after reporting a stronger-than-expected Q3 profit, marking the automaker’s best-ever trading day since its IPO.

Source CNBC

The Geely-owned company posted an operating income of 6.4 billion SEK ($680 million), beating analyst forecasts and improving from 5.8 billion a year ago. The result was driven by a major 18-billion-krona cost-cutting plan and selective one-off gains.

CEO Håkan Samuelsson said Volvo resumed modest sales growth in September and is preparing to ramp up EV production ahead of the EX60 launch in January, one of its key electric models. Despite economic headwinds, Volvo expects continued gains from its cost-efficiency initiatives in Q4.