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Truckmaker Volvo beats expectations, picks Samsung for batteries

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By Reuters
Truckmaker Volvo beats expectations, picks Samsung for batteries
FILE PHOTO: People visit heavy machinery of Volvo at Bauma China, the International Trade Fair for Construction Machinery in Shanghai, China November 27, 2018. REUTERS/Aly Song/File Photo   -   Copyright  Aly Song(Reuters)
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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 (£1.30 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)