The trade war between the US and China has significant effects on carmakers.
Volvo Cars, held by a China-based privately held global automotive group Geely, increased its operating income by 0.9% to $1.5 billion.
It also made 21% more revenue, making it $27 billion.
Volvo’s profit margin, however, decreased to 5.6% from 6.7%.
“We have a very, very strong product offering and a modest market share outside Sweden, so we are expecting and planning for further growth,” CEO Hakan Samuelsson told British Reuters.
‘’But we have to be realistic and acknowledge that margins will remain under continued pressure,” he added.
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