Volvo Cars posts smaller profit for the second quarter

STOCKHOLM: Sweden’s Volvo Cars on Friday reported a decline in profits for the second quarter compared with the first three months while the automaker hopes to speed up its recovery with deliveries of the new EX60 electric model in the time ahead.

The company, majority-owned by China’s Geely Holding , posted an operating profit of 800 million Swedish crowns ($82,76 million) for the April to June period, lagging the 1.6 billion reported in the first quarter this year.