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Volvo Car expects growth in Europe and a recovery in the U.S. to spur significantly stronger sales in the second half of the year, despite continued challenges in China.

Swedish truckmaker Volvo ‌Group reported on Friday a rise in ​second-quarter operating ​profit that roughly matched ⁠expectations as sales rose, ​and said its ​truck order intake increased by 33% from a ​year earlier.

Sweden's Volvo Cars on Friday ​reported a decline ‌in profits for the second quarter compared ​with the first ​three months while the ⁠automaker hopes to ​speed up its ​recovery with deliveries of the new EX60 electric model ​in the ​time ahead.

Volvo Cars has signed a memorandum of ​understanding (MoU) with Belgium's federal ‌government and the Flanders regional government to support the ​long-term competitiveness of its ​Ghent plant, the Swedish ⁠carmaker said on Wednesday.

At the same time, it cautioned that cost inflation is trending upwards, with the CFO saying the company was starting to see an impact on raw material costs from the Middle East conflict.