The carmaker, which is majority owned by Chinese automaker Geely, reported an operating profit of 4.5 billion kronor (US$400 million) for the third quarter — up from two billion kronor a year earlier.

“During the third quarter, we reported strong sales and revenue growth, which in combination with lower costs for raw materials and logistics, resulted in a solid underlying operating profit,” Jim Rowan, CEO of Volvo Cars, said in a comment.

Volvo Cars also saw a more than fourfold increase in net income for the period, reaching 3.2 billion kronor, compared to 665 million for the same period a year before.

Revenue rose 16% to 92 billion kronor, with the company reporting a 50% increase in the number of cars sold in the US, and a 34% increase in the number of cars sold in Europe.

At the same time, Volvo Cars reported a 4% decrease in the number of cars sold in China.

The strong quarter put the company, which plans to ditch fossil fuel vehicles by 2030, on track to achieve “solid double-digit growth in retail volumes and a considerably higher share of fully electric cars for the full year,” it said.

“At the same time, uncertainties remain on the horizon, and we continue to be watchful,” Rowan said.