STOCKHOLM, (Reuters) – Volvo Cars announced Thursday its quarterly results above analysts’ expectations. The company also stated that it expects marginal sales growth for 2022 compared with 2021.

After 8.4 billion in revenue a year earlier, the Swedish carmaker lost 6.0 billion Swedish crowns (or $607.4 million) during its first quarter. Refinitiv polled four analysts and found that they had forecast a profit of 4.13 billion.

($1 = 9.8776 Swedish Crowns