Volvo Cars increased its operating profit by 8.2 percent to 9.5 billion Swedish crowns ($1.1 billion) in the second half of 2020 as growing demand for electrified cars and rising interest in online vehicle sales helped it rebound from the pandemic.
Hard hit by the COVID-19 outbreak in early 2020, Volvo has seen a sharp improvement in recent months, helped by strong demand in the United States and China.
The automaker, which is owned by China's Zhejiang Geely Holding, said it would increase vehicle sales this year and improve profitability to pre-pandemic levels, assuming market conditions continue to normalize.
"Our operations are back on a very high level, but we are not back to normal," CEO Hakan Samuelsson told Automotive News Europe.