Volvo Cars' second quarter profit narrows compared to the previous quarter.

Swedish carmaker Volvo Cars announced on Friday that its profit in the second quarter declined compared to the first quarter; the company is hoping that the upcoming new all-electric model EX60 will be delivered and help accelerate the recovery of its performance. Volvo Cars is controlled by the Chinese Geely Holding Group, and the company disclosed that its operating profit from April to June was 800 million Swedish kronor, which is lower than the 1.6 billion Swedish kronor recorded in the first quarter of this year.