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Truckmaker Volvo beats expectations, picks Samsung for batteries

Truckmaker Volvo beats expectations, picks Samsung for batteries

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

STOCKHOLM (Reuters) – Sweden’s AB Volvo (VOLVb.ST) inched up its market growth outlook for North America and Europe, as strong deliveries for its trucks and construction equipment as well as continued easing of supply chain bottlenecks helped it beat quarterly profit expectations.

The world’s second largest truckmaker behind Daimler (DAIGn.DE) also said it had entered into a strategic partnership for Samsung (006400.KS) to develop battery packs for its electric trucks.

Operating profit at the maker of trucks, construction equipment, buses and engines rose to 15.11 billion Swedish crowns ($1.62 billion) from 12.34 billion a year ago, beating the 13.34 billion mean forecast by analysts according to Refinitiv.

Reporting by Esha Vaish in Stockholm; editing by Johannes Hellstrom


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