Sweden's Volvo Cars shares jump 40% after profit beat, on track for best day ever

Core Insights - Volvo Cars reported a stronger-than-expected third-quarter profit, leading to a significant rally in its shares by around 40% [1][2] - The operating income for the July-September period was 6.4 billion Swedish kronor ($680.4 million), exceeding analysts' expectations and increasing from 5.8 billion kronor a year earlier [1][2] Financial Performance - The profit increase was primarily driven by an ongoing cost-saving program valued at 18 billion kronor, along with certain one-off items [2] - The stock price experienced its largest intraday gain since the company began trading four years ago, peaking at a 41% increase before settling [2]