Volvo hikes FY growth outlook is picking on Samsung for battery

FILE PHOTO: The logo of Volvo is seen on the front grill of a Volvo truck in a customer showroom at company headquarters in Gothenburg, Sweden, September 23, 2008. REUTERS/Bob Strong/File Photo

STOCKHOLM (Reuters) – AB Volvo (VOLVb.The ST will take place on Thursday walked out of the growth prospects for North America and Europe, and as the gaps between the supply of trucks and construction equipment, as continued easing of the supply-chain bottlenecks, and helped with the Swedish truckmaker’s top estimate.

The operating profit margin for the maker of trucks, construction equipment, buses, and motorcycles grew to 15.11 billion Swedish crowns ($1.62 billion), from 12.34 billion a year ago, and the defeat of the 13.34 billion forecast by analysts, according to Refinitiv.

Volvo, the world’s second-largest truckmaker behind Daimler ag (DAIGn.DE), said that it had entered into a strategic partnership with Samsung (006400.ME to develop batteries for the electric trucks, the second largest deal in the past few weeks.

The company, which joined forces with Nvidia Corp (NVDA.(O) in the last month, and for the development of artificial intelligence, artificial intelligence is used in a self-driving trucks, has been locked in a race with his co-workers to provide an autonomous, and electric vehicles.

The battle is coming, even if rising geopolitical tensions and signs of economic slowdown ignited concerns that the burning truck, the cycle can be catastrophic.

Although Volvo is on a Thursday, walked up to the truck, the demand from the market in Europe and North America to 2019, and the order of administration of the trucks, which are marketed under the brands Volvo, Mack, Renault and UD Trucks fell for a second consecutive quarter, with a 21% to 47,821 units.

“The production will be adjusted in the second half of the year,” Chief Executive Martin Lundstedt said in a statement.

Reporting by Esha Vaish in Stockholm; Editing by Johannes Hellstrom and Sherry Jacob-Phillips

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