STOCKHOLM Sweden-based automaker Volvo Cars reported a rise in third-quarter operating earnings on Thursday driven by strong volumes and lower costs for semiconductors and raw materials.

Volvo Cars, majority-owned by China's Geely Holding, said operating income rose to 4.5 billion Swedish crowns ($402.75 million) in the quarter from a year-ago 2.1 billion.

"We remain vigilant in light of the macroeconomic and geopolitical uncertainties and remain laser-focused on execution," Chief Executive Jim Rowan said in a statement.

($1 = 11.1732 Swedish crowns)

(Reporting by Marie Mannes, editing by Essi Lehto)