Gronghui, April 24 | Swedish car manufacturer Volvo Cars announced first-quarter results on Wednesday. Excluding joint ventures, joint ventures and one-time businesses, revenue for the quarter increased 8% year-on-year to SEK 6.8 billion (US$6292.7 million). Unadjusted operating profit fell to SEK 4.7 billion from SEK 5.1 billion in the same period last year, and profits declined due to negative exchange rates and falling contract manufacturing sales. Volvo's gross margin of electric vehicles was 16%, up from 13% in the previous quarter. The company's CEO Jim Rowan said in a statement that demand for our cars is expected to remain strong in the next few quarters, which is in line with expectations of sales growth of at least 15% throughout the year.