Volvo Cars reported a return to profit in the first half as demand for electric cars pushed earnings above pre-pandemic levels, putting the carmaker on a firmer footing as it considers a possible IPO this year.

Sweden-based Volvo, owned by China’s Geely Holding (GEELY.UL), said on Friday it made a first-half profit of 13.24 billion Swedish crowns ($1.52 billion), more than double its profit of 5.52 billion crowns in the corresponding period of 2019, before the coronavirus struck.

Like several other automakers Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year’s plunge during the pandemic helped first-half revenue rise by 26% to 141 billion crowns.

Read more/Source: Reuters