Shares of Sweden’s Volvo Cars soared as much as 41% on Thursday after the automaker reported a stronger-than-expected third-quarter profit, putting the stock on course for its biggest one-day gain since listing in 2021.

The company, majority-owned by China’s Geely Holding, posted an operating income of 6.4 billion Swedish kronor ($680 million) for the July–September quarter, up from 5.8 billion kronor a year earlier and well above market estimates.

Volvo’s operating margin rose to 7.4% from 6.2% in the same period last year, boosted by ongoing cost-reduction efforts and one-off gains linked to its 18 billion kronor savings programme.

“In a tough market we delivered a solid third-quarter result and our cost and cash actions are delivering,” CEO Håkan Samuelsson said. “We returned to slig

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