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"We will not engage in a price war...we are aiming to become a very premium sportscar company...," chief executive Thomas Ingenlath told Reuters. "It's very clear that this is a completely different aim from where Tesla is going, with 20 million cars per year." Demand for electric cars has weakened for U.S. EV startups Rivian (RIVN.O) and Lucid (LCID.O), with both carmakers forecasting 2023 production well below analyst estimates. But Polestar reaffirmed the 2023 production outlook it gave in January of 80,000 cars, up from the roughly 51,000 it delivered in 2022. The company reported a gross profit of $61.9 million versus a loss of $0.2 million in the same quarter in 2021.

IKEA has a target to be climate positive - reducing more greenhouse gas emissions than its value chain emits - by 2030. Inter IKEA acts as franchisor to IKEA store owners and is in charge of supply. Abrahamsson Ring said earlier that retail sales volumes did not increase in fiscal year 2022 as IKEA struggled to meet demand due to supply shortages. Ingka Group, which owns most IKEA stores worldwide, reduced its own emissions by 23% to 455,014 tonnes of CO2 equivalent. The store owner's emission reduction was also achieved by using more renewable energy.

STOCKHOLM, Feb 14 (Reuters) - Scandinavian airline SAS (SAS.ST) said it was hit by a cyber attack Tuesday evening and urged customers to refrain from using its app but later said it had fixed the problem. News reports said the hack paralysed the carrier's website and leaked customer information from its app. Karin Nyman, head of press at SAS, told Reuters at 2035 GMT that the company was working to remedy the attack on its app and website. "We aren't able to say a lot more right now as we are right in the attack right now," she said, adding that the app was at that point working fine. According to TT, customers who tried to log into the SAS app were logged onto the wrong accounts and had access to personal details of other people.

Jesper Brodin, CEO of IKEA stores owner Ingka, said visitor numbers and sales volumes were up so far in the group's fiscal year through August 2023. "We are currently seeing growing visitor numbers and growing sales ... It started late spring, summer, and has continued," Brodin said, adding that current trading was better than feared. Some costs such as gas prices have started to decline as well, prompting some retailers to consider price cuts. Brodin said Ingka was currently seeing no signs of weakening demand, or of any of its markets heading towards a deep recession this year.

"We don't see (price cuts) at this point in time," Rowan told Reuters. "Demand for our (battery electric vehicles) is the highest that we've ever seen, the backlog for that as well." Those price cuts are expected to hit EV startups like U.S. firm Rivian RIVN.O more than established brands. Henrik Fisker, CEO of U.S. EV maker Fisker (FSR.N), told Reuters he also has no plans to lower prices, arguing that the EV startup's cars were already competitively priced. Despite the price cuts, some suppliers say they have seen no EV production surge so far.

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said its fourth-quarter operating profit dropped to 3.4 billion crowns ($322.2 million)from 3.7 billion crowns a year earlier. "Despite the global turbulence, uncertainty and our recent price increases, we continue to see healthy demand for our cars," Volvo Cars said, adding it expected a "solid" double-digit growth in retail sales during 2023. Volvo Cars and its peers have faced lingering chip shortages over the past year that have periodically hit manufacturing with the Sweden-based company forced at times to halt production at some factories temporarily. However, Volvo Cars reaffirmed its mid-decade targets, which include by 2025 selling 1.2 million cars per year. This, like Volvo, is despite its vehicles sales rising.

Its customers are also scaling back investments, especially within its key vacuum division which counts the major semiconductor producers as its main clients. In the fourth quarter, order intake at its vacuum business fell 22% to 8.48 billion crowns, once again denting results. On an organic basis, or like-for-like, orders at the vacuum division fell 33%, while for the group as a whole they dropped 7%. JPMorgan said the poor order intake for the vacuum division was expected. Atlas as a group delivered an operating margin of 19.5% compared with 18% at its vacuum division.

"We have managed to replace those (Russia and Belarus) volumes in other countries on a very hot wood market," Ulf Johansson, Global Wood Supply and Forestry Manager at brand owner Inter IKEA, told Reuters. Russia and Belarus were IKEA's fifth and sixth biggest wood suppliers before the war, accounting for 6% and 5% respectively of its supplies, the company's website said. Poland, followed by Lithuania and Sweden were the three biggest suppliers in the 12 months through August 2022. IKEA stores in Russia have been closed since March, while IKEA owned shopping malls remain open. IKEA has in recent years been buying and managing forests in a number of countries through its investment vehicle IKEA Investments, from which it might use wood and wood products in the future.

[1/4] An Einride Pod, an electric self-driving truck developed by Einride, which has no cabin for a driver, is shown in this undated handout photo obtained by Reuters on November 3, 2021. Einride/Handout via REUTERS/File PhotoDec 7 (Reuters) - Swedish electric self-driving truck start-up Einride said on Wednesday it had agreed to raise capital of $500 million from debt, equity and the conversion of earlier loans, speeding up the company's ability to pursue new markets and customers. A $300 million debt facility was signed with Barclays Europe, while $200 million in equity came from new and existing investors, including EQT and Northzone, Einride said in a statement. Some $90 million of the equity came in the form of earlier debts being converted to shares. The company's business is based on self-driving technology for freight trucks, which has attracted investor attention in recent years as it is deemed to be cheaper as well as easier to roll out compared to self-driving cars.

STOCKHOLM, Nov 28 (Reuters) - Philip Morris International (PMI) (PM.N) said on Monday it now owned a big enough stake in Swedish Match (SWMA.ST) to initiate a compulsory redemption of remaining shares in its Swedish peer and would take it off the stock market. Marlboro maker PMI in May launched a $16 billion takeover bid for the Swedish tobacco and nicotine products company. Buying Swedish Match, with its popular wet snuff "snus" products and tobacco-free nicotine "ZYN" pouches, will aid PMI in its stated ambition to move away from health-harming cigarettes and eventually become a smoke-free company. Swedish Match was not immediately available for comment. ($1 = 10.3774 Swedish crowns)Reporting by Marie Mannes and Anna Ringstrom, editing by Essi Lehto and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

[1/2] People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The Swedish carmaker, founded by China's Geely (0175.HK) and Volvo Cars (VOLCARb.ST), posted an operating loss of $196.4 million, down from $292.9 million a year ago, while revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company (SPAC), said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts. "The full extent of that will then... partly offset the raw material costs," he said, adding that the carmaker expected to raise prices further. But Chief Executive Thomas Ingenlath said Polestar was on track to deliver 50,000 cars in 2022.

The deadline for shareholders to tender shares in support of the bid was 1600 GMT on Friday. Protean Funds had said previously it wanted to fight for Swedish Match and thought PMI's bid undervalued the company. It is still not known what activist investor Elliott Management, which owns over 10% in Swedish Match, has done. Under Swedish law, PMI needs 90% of shareholders to agree to the deal to get full control of Swedish Match. PMI bid lights up Swedish Match stock($1 = 10.9446 Swedish crowns)Reporting by Marie Mannes; Editing by Jane Merriman, Josephine Mason, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars.

Oct 27 (Reuters) - Swedish automaker Volvo Cars (VOLCARb.ST) expects lower wholesale volumes this year, it said on Thursday as it reported a drop in third-quarter operating profit, hit by higher costs and lower volumes. The Gothenburg-based company now expects 2022 wholesale volumes to be "slightly lower" compared with the year before, down from a previous forecast for better wholesales volumes than in 2021. In addition, Volvo said it had been forced to conduct spot buying of semiconductors to fill production shortfall and logistics costs, in addition to mounting raw material costs that all hurt its operating profit. Only this week, the shortage saw Volvo having to shut one of its Swedish factories for a week. Stockholm-listed Volvo, majority owned by Chinese automotive company Geely Holding [RIC:RIC:GEELY.UL], said its quarterly operating profit fell to 2.1 billion Swedish crowns ($193.41 million) from 3.3 billion a year ago.

Oct 21 (Reuters) - Garden equipment and tools maker Husqvarna (HUSQb.ST) on Friday reported third-quarter operating profit well below market expectations, and said it would restructure its business and cut 1,000 jobs. The Swedish company reported a 40% drop in its quarterly operating profit to 555 million Swedish crowns ($49.1 million), down from 926 million crowns a year earlier and below the 644.2 million crowns expected by analysts in a Refinitiv poll. Register now for FREE unlimited access to Reuters.com Register"Price increases compensated for higher raw material and logistics costs. However, lower volumes and higher costs related to supply chain disturbances had a negative impact," Husqvarna said. Husqvarna said the "vast majority" of the job cuts were related to the shift from petrol to battery-powered tools.

Philip Morris (PM.N) increased its bid by more than 9% to 116 Swedish crowns per share and said that the offer was its "best and final price". Philip Morris made an all-cash offer of 106 crowns per share for Stockholm-based Swedish Match in May. By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov.4. Pontus Dackmo, CEO of Protean Funds who has 500,000 shares in Swedish Match, said he was still not impressed by the sweetened offer from Philip Morris. The company had earlier said it was expecting EU antitrust approval for its Swedish Match bid in late October.

Chicago-based Framtiden Partnerships, a Swedish Match shareholder for nearly two decades, told Reuters on Wednesday that it opposes Philip Morris' (PMI) proposed takeover of the Stockholm-based company. According to Euromonitor International, Swedish Match controls about half the world's market for snus - a Swedish-style snuff that is moist and smoke-free. Swedish Match has a fragmented ownership base, he said, making it difficult to get a clear overview of how many will accept the deal. 'THREE SHAREHOLDER CAMPS'John Hempton, co-founder of Sydney-based Bronte Capital, is another Swedish Match shareholder who hopes the deal will fall through. The largest shareholders of Swedish Match, which include Wellington Management, Capital Group, BlackRock and Vanguard, all declined to comment on the deal.

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