The automaker's figures were certainly worse than in the same period a year earlier, but well above market expectations.
"The first quarter of 2026 shows a clear contrast between what we can control and a very challenging environment. The areas we can control continued to improve during the first quarter," writes CEO Håkan Samuelsson in the interim report.
Revenues during the quarter were also better than expected.
“Our share of electric cars increased to an industry-leading level and we delivered strong momentum in our cost and cash flow measures,” writes Håkan Samuelsson.
The company also states that although the market in Europe is stable, the situation in the US and China remains challenging. In the US in particular, there has been a decrease in demand for electric cars since subsidies were removed.
“In the US, consumer confidence is under great pressure and it is taking longer for the market to recover after incentives have been removed. As a result, sales of electrified cars have decreased significantly,” Volvo Cars writes.
The company is now signaling that the second quarter may be affected by continued challenges and the ramp-up of the new EX60 model.
The company's shares have fallen by just over 25 percent on the Stockholm Stock Exchange this year.
