Volvo Cars Q1 adjusted operating earnings rise as costs ease

Swedish automaker Volvo Cars reported a rise in first-quarter adjusted operating earnings on Wednesday, helped by lower material costs and higher volumes.

Volvo Cars said its operating income excluding joint ventures, associates and one-offs rose 8% to 6.8 billion Swedish crowns ($629.27 million) in the quarter from a year-ago 6.3 billion. "We remain firmly focused on achieving profitable growth and we expect 2024 to be another solid year after the record year of 2023," CEO Jim Rowan said in a statement.