Swedish luxury brand Volvo Cars, owned by China’s Geely, has posted record sales despite a slowing global auto market in the first half of the year.

This is also despite US trade war tariffs and falling prices squeezing profits.

Chief executive Hakan Samuelsson was quoted as saying: “At a time when most markets in the world see stagnating car sales, we have had strong growth in the first half,” “At a time when most markets in the world see stagnating car sales, we have had strong growth in the first half.”

The 7.3 percent year-on-year jump to a record 340,286 cars during the first half of the year was accompanied by a 5.9 percent rise in sales revenue to 130 billion Swedish kronor ($13.9 billion, 12.4 billion euros).

However, increased pricing pressure and tariffs squeezed operating profit with Samuelsson saying the company had implemented cost controls that should be felt in the second half of this year.

Reflecting these pressures, operating profit tumbled nearly 30 percent to 5.5 billion Swedish kronor.

In 2018, the company set an annual sales record of more than 600,000 vehicles although profits were already feeling the effects of the US trade war with China and the European Union.

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