Sweden's Volvo Cars shakes up plans in the U.S. as tariffs bite

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Shares of Sweden-based automaker Volvo Cars rose as much as 10% on Thursday as the company's second-quarter operating profit beat analyst expectations despite a sharp year-on-year decline.

Volvo Cars, which is owned by China's Geely Holding, on Thursday reported that second-quarter operating profit excluding items affecting comparability fell to 2.9 billion Swedish kronor ($297.83 million), down from 8 billion during the same time last year.