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British telecoms group Vodafone (VOD.L) has chosen Samsung Electronics (005930.KS) to supply its 5G network equipment in Britain, the pair said on Monday, a breakthrough for the South Korean company in Europe's telecoms gear market. European mobile operators are increasingly considering Samsung to replace China's Huawei (HWT.UL) as a supplier, with executives from Spain's Telefonica (TEF.MC) and France's Orange (ORAN.PA) previously telling Reuters they had held talks with the firm. Britain has already ordered all Huawei equipment to be removed from its 5G network by the end of 2027, echoing a U.S. campaign against Huawei, citing national security risks. Samsung is banking on Europe to maintain growth in its network equipment business, a senior executive told Reuters earlier this month, as 5G rollouts widen. The European telecoms equipment market is dominated by Nokia (NOKIA.HE), Ericsson (ERICb.ST) and Huawei, but Samsung has entered the picture after it unexpectedly landed a $6 billion deal with U.S. giant Verizon in September.
Persons: Richard Webb, Rakuten Organizations: Vodafone, Samsung Electronics, South Korean, Samsung, Huawei, Spain's Telefonica, Reuters, Ericsson, Nokia, U.S, Verizon, RAN, Dish Network, Telefonica, Thomson Locations: Britain, U.S, Europe
Spotlight on Xbox Game Pass as Microsoft showcases upcoming games
  + stars: | 2021-06-13 | by ( Supantha Mukherjee | ) www.reuters.com sentiment -0.78   time to read: +2 min
Head of Microsoft Xbox Phil Spencer speaks during the Microsoft Xbox E3 2017 media briefing in Los Angeles, California, U.S., June 11, 2017. REUTERS/Kevork Djansezian/File PhotoMicrosoft (MSFT.O) on Sunday showcased 30 upcoming games and said most of those titles will be available on its monthly subscription service, Xbox Game Pass. Several of the game launches announced by Microsoft at the E3 conference came from video game publisher Bethesda, behind hits such as Fallout and Doom. Microsoft also announced launch dates of two big-budget games, exclusive to Xbox and PC - role playing game "Starfield" and vampire-themed shooting game "Redfall." Game Pass has hundreds of games playable on Xbox consoles, Android devices and PCs with a $9.99 monthly fee.
Persons: Phil Spencer, Kevork Organizations: Microsoft, REUTERS, Sunday, Forza, Bethesda, ZeniMax Media, Xbox, Sony, Netflix, Thomson Locations: Los Angeles , California, U.S, Bethesda
STOCKHOLM (Reuters) - Microsoft said on Thursday it was working with global TV manufacturers so that gamers can play Xbox games through internet-connected televisions without any extra hardware other than a controller. FILE PHOTO: Head of Microsoft Xbox Phil Spencer speaks during the Microsoft Xbox E3 2017 media briefing in Los Angeles, California, U.S., June 11, 2017. REUTERS/Kevork Djansezian/File PhotoXbox is also building its own streaming devices for cloud gaming to reach gamers on any TV or monitor without the need for a console. Cloud gaming through Xbox Game Pass Ultimate, available in dozens of countries, will be launched in Australia, Brazil, Mexico, and Japan later this year. Xbox plans to release at least one new, first party game into Game Pass every quarter, as more than 23 studios worldwide are creating games for the platform.
Persons: Phil Spencer, Kevork, Satya Nadella, , Organizations: Microsoft, REUTERS, Xbox, PlayStation, , Gaming Locations: STOCKHOLM, Los Angeles , California, U.S, Australia, Brazil, Mexico, Japan, North America, Western Europe
Swedish payments firm Klarna has raised $639 million from a group of investors led by SoftBank's (9984.T) Vision Fund II, lifting its valuation to about $46 billion - higher than several of the region's major banks. The current round was led by SoftBank, joined by existing investors such as Adit Ventures, Honeycomb Asset Management and WestCap Group. Reuters reported last month that Klarna was close to raising a new round of funding at a valuation close to $50 billion. The company, whose CEO is Sebastian Siemiatkowski, is among the largest players in the global BNPL sector with over 90 million global active users, and processes 2 million transactions a day. Klarna, founded in 2005, took eight years to reach a valuation of $1 billion, but less than 12 months to go from being valued at $5.5 billion to within touching distance of $50 billion.
Persons: Klarna, SoftBank's, SoftBank, Snoop Dogg, Sebastian Siemiatkowski Organizations: Adit Ventures, WestCap, Sequoia, Commonwealth Bank of Australia, Ant Group, Reuters, Thomson Locations: Silver, Dragoneer, Permira, BlackRock
Verizon turns on commercial private 5G in U.S.
  + stars: | 2021-06-10 | by ( Supantha Mukherjee | ) www.reuters.com sentiment -0.79   time to read: +2 min
REUTERS/Brendan McDermid/File PhotoVerizon Business (VZ.N) on Thursday launched its first commercially available private 5G network in the U.S. to offer businesses and government departments high-speed indoor or outdoor connectivity. Private 5G networks remove the need for businesses to jostle for speed with others on a public network and help enable data-intensive applications that use computer vision, augmented reality and machine learning to increase productivity. Verizon has been trialing private 5G with several customers, including Associated British Ports, and have partnered with the likes of Microsoft (MSFT.O) and Amazon (AMZN.O). The private 5G network, managed by Verizon, would keep all cellular traffic on the premises of the customer to increase security, while authorised remote users can still access applications. Verizon is seeing a lot of demand from financial institutions to increase speed of trading flows using 5G, and warehouses, which are planning to use robots and autonomous vehicles, Sampath said.
Persons: Brendan McDermid, Sampath Organizations: Verizon, REUTERS, Private, Associated, Associated British Ports, Microsoft, Corning, Tyndall Air Force Base, Marine Corps Air Station Miramar, Nokia, Samsung, Thomson Locations: New York City, U.S, Associated British, WeWork
Northvolt logo is pictured in the Northvolt office in Stockholm, Sweden June 14, 2018. REUTERS/Esha Vaish/File PhotoLithium-ion battery maker Northvolt has raised $2.75 billion in equity to expand capacity at the factory it is building in northern Sweden to meet increasing demand for electric cars. The latest fundraising values Northvolt at $11.75 billion, a source familiar with the matter said. Battery makers are scrambling to keep up with demand as carmakers switch to electric in order to reduce planet-warming carbon emissions. Northvolt plans to start production later this year at its factory in the city of Skelleftea.
Persons: Esha, Northvolt, Goldman Sachs, Peter Carlsson, TESLA, Carlsson Organizations: REUTERS, OMERS, Volkswagen, Reuters, IHS, Lucid Motors, LG Chem, BMW, Scania, Thomson Locations: Stockholm, Sweden, Europe, Skelleftea, 40GWh, Swedish, Germany
STOCKHOLM, May 27 (Reuters) - Swedish payments firm Klarna is close to raising a new round of funding from a group of investors including SoftBank that could lift the company’s valuation close to $50 billion, three sources told Reuters. The latest fundraising is expected to be Klarna’s final private round before the fintech giant, Europe’s most valuable startup, sets the stage for a blockbuster stock market listing, two of the sources said. With such a valuation, Klarna would become Sweden’s biggest financial company and be worth more than some major European banks including Deutsche Bank. The size of the cash injection is not yet finalised but is expected to be around $500 million, according to the report here. (Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Johan Ahlander, Kirsten Donovan)
Persons: Klarna, Sebastian Siemiatkowski, Snoop Dogg, Softbank, Supantha Mukherjee, Johan Ahlander, Kirsten Donovan Organizations: Reuters, Deutsche Bank . Klarna, Capital, Business, European Technology, Telecoms Locations: STOCKHOLM, New York, BlackRock, NorthZone, European, Stockholm
Klarna looking to raise new funds at over $40 bln valuation - report
  + stars: | 2021-05-27 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
STOCKHOLM, May 27 (Reuters) - Swedish payments firm Klarna is close to finalizing a new funding round led by SoftBank that could lift the company’s valuation to above $40 billion, Business Insider reported citing sources. Klarna in March raised a new $1 billion private fundraising round, tripling its valuation to $31 billion in less than six months. The size of the cash injection is not yet finalized but is expected to be around $500 million, according to the report here. A Klarna spokesperson declined to comment. (Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Johan Ahlander)
Persons: Klarna, SoftBank, Supantha Mukherjee, Johan Ahlander Organizations: Business, European Technology, Telecoms Locations: STOCKHOLM, European, Stockholm
The case stems from the Swedish government's decision last October to ban Huawei from supplying 5G equipment due to security concerns. An Ericsson spokeswoman confirmed that the company has been invited to participate in 5G tests in China. He had earlier criticized Sweden's ban on Huawei for restricting free competition. Nokia's home country, Finland, has not banned Huawei outright, although its parliament has passed a law that allows it to ban equipment for national security reasons. A Nokia spokesperson said the company has already completed the 5G tests in China.
Persons: Michele Tantussi, Börje Ekholm, Kenneth Fredriksen, Pekka Lundmark, EY Organizations: Huawei, IFA, REUTERS, Ericsson, Global Times, Communist Party, Central East, Nordic, Nokia, Reuters, Thomson Locations: Berlin, Germany, Sweden, China, Swedish, Washington, Beijing, Central East Europe, Nordic Region, Finland, China . China
Swedish self-driving start-up Einride raises $110 million
  + stars: | 2021-05-06 | by ( Nick Carey | Supantha Mukherjee | ) www.reuters.com sentiment -0.87   time to read: +2 min
LONDON, May 6 (Reuters) - Swedish electric self-driving vehicle start-up Einride said on Thursday it has raised $110 million in its latest funding round, including new investments from Maersk’s venture capital arm and Singapore state investor Temasek. The company has developed the Einride Pod, an electric self-driving truck without a driver cabin. Self-driving technology for freight trucks has attracted investor attention as it should be easier and cheaper to roll out than in self-driving cars and robotaxis, while providing a clearer path to profitability. TuSimple Holdings Inc plans to demonstrate its self-driving truck technology using semi-trucks without human drivers in the fourth quarter. Daimler AG unit Torc Robotics is preparing to test its self-driving trucks in New Mexico and Virginia.
Persons: Einride, Robert Falck, Reuters Einride, , ” Falck, , Jessica Schultz Organizations: Temasek, Cola, Reuters, TuSimple Holdings Inc, Daimler AG, Torc Robotics Locations: Swedish, Singapore, Europe, United States, robotaxis, New Mexico, Virginia, Northzone
STOCKHOLM (Reuters) -Swedish payments firm Trustly said it is still aiming for a stock market listing but there is currently no firm timeline, after it delayed IPO plans following comments by the country’s financial regulator about the company’s due diligence process. FILE PHOTO: A sign informing that cash payments are not accepted is seen at a cafe in Stockholm, Sweden, December 18, 2019. The appeal of financial technology companies has increased during the COVID-19 pandemic as more people shop online and make payments digitally to avoid physical contact. Swedish peer Klarna is also exploring a public market listing. “I am convinced that everyone understands that to push ahead with a listing if there is uncertainty around the SFSA process is not responsible,” Tjarnberg told Reuters.
Persons: Trustly, Colm Fulton, Johan Tjarnberg, Oscar Berglund, , Klarna, ” Tjarnberg Organizations: REUTERS, Nasdaq, Financial Supervisory Authority, Reuters Locations: STOCKHOLM, Stockholm, Sweden, Nasdaq Stockholm, Swedish, North
Travel bookings firm TravelPerk raises $160 mln
  + stars: | 2021-04-29 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
STOCKHOLM, April 29 (Reuters) - Corporate travel bookings platform TravelPerk on Thursday said it had raised $160 million from a group of investors led by venture firm Greyhound Capital as it seeks to expand in the U.S. and Europe. The Barcelona-based company, which has so far raised $294 million, did not disclose its valuation after the current funding round. Business and international travel have been especially hard hit by the pandemic. However, with increased vaccinations, industry experts are optimistic that demand will start to return this spring and summer. Investors in the company include DST, Kinnevik, Target Global, Felix Capital, Spark Capital, and LocalGlobe.
Persons: Avi Meir, Felix Capital, Supantha Mukherjee, Jason Neely Organizations: Greyhound Capital, Business, , DST, Target, Felix, Spark, European Technology, Telecoms Locations: STOCKHOLM, U.S, Europe, Barcelona, European, Stockholm
Lehtikuva/Heikki Saukkomaa via REUTERSFinnish telecom network equipment maker Nokia (NOKIA.HE) on Thursday reported better-than-expected first-quarter revenue and profit, as its new strategy drove growth in sales of network and 5G equipment. Quarterly revenue rose 3% to 5.08 billion euros ($6.16 billion), beating a consensus figure of 4.72 billion, , according to IBES data from Refinitiv. Quarterly profit rose to 5 euro cents per share while adjusted profit was 7 euro cents per share. Its comparable gross margin rose to 38.2% from 36.4% a year earlier, mainly driven by 5G growth. Nokia maintained its full year net sales forecast of between 20.6 billion euros to 21.8 billion euros, largely in line with expectations.
Persons: Lehtikuva, Heikki Saukkomaa, Pekka Lundmark, Lundmark, Mads Rosendal Organizations: Nokia, REUTERS, Ericsson, Huawei, Danske Bank Credit Research, Thomson Locations: Finnish, Espoo, Finland, REUTERS Finnish
REUTERS/Naina Helen JamaWorking out of an unassuming apartment building, Lars Wingefors’ Embracer Group, with a team of fewer than 20, has grown by acquisition. Its catalogue already includes games as diverse as survival game Valheim, racing game MX vs ATV, and Goat Simulator. Many gaming companies prospered during the pandemic as people locked in their homes turned to their screens. He became part of the company’s European management, before moving on to found Nordic Games in 2008. That model likely “decreases the risk of bad acquisitions compared to other M&A-intense gaming companies,” said Pareto Securities analyst Marlon Värnik.
Persons: Naina Helen Jama, Lars Wingefors ’, Wingefors, Benjamin May, Embracer, , ” Wingefors, “ Lars, Randy Pitchford, Embracer’s, Marlon Värnik Organizations: REUTERS, Lars Wingefors ’ Embracer, ATV, Reuters, Ubisoft, Embracer, Microsoft, Electronic Arts, Activision, Berenberg, Nordic Games, Nasdaq, Locations: KARLSTAD, Sweden, Karlstad, Stockholm, Swedish, Europe, Russia, Canada, North America, British
In a quiet corner of the town of Karlstad, 300 kilometres from Stockholm, a Swedish entrepreneur has built Europe’s largest gaming company by market value - although most gamers have never likely heard of it. Working out of an unassuming apartment building, Lars Wingefors' Embracer Group (EMBRACb.ST), with a team of fewer than 20, has grown by acquisition. Its catalogue already includes games as diverse as survival game Valheim, racing game MX vs ATV, and Goat Simulator. Many gaming companies prospered during the pandemic as people locked in their homes turned to their screens. That model likely "decreases the risk of bad acquisitions compared to other M&A-intense gaming companies," said Pareto Securities analyst Marlon Värnik.
Persons: Lars Wingefors, Wingefors, Benjamin May, Embracer, Lars, Randy Pitchford, Embracer's, Marlon Värnik, ” Wingefors Organizations: ATV, Reuters, Ubisoft, Embracer, Microsoft, Electronic Arts, Activision, Berenberg, Nordic Games, Nasdaq, , Thomson Locations: Karlstad, Stockholm, Swedish, Europe, Russia, Canada, North America, Sweden, British
Dish gets Amazon on board to build 5G network, to launch in Las Vegas
  + stars: | 2021-04-21 | by ( Supantha Mukherjee | ) www.reuters.com sentiment -0.99   time to read: +2 min
STOCKHOLM (Reuters) - Dish Network on Wednesday signed a deal with Amazon to build its 5G network on Amazon Web Services’ (AWS) cloud platform and said it will launch its first network in the United States in Las Vegas later this year. FILE PHOTO: A Dish Network receiver hangs on a house in Somerville, Massachusetts, U.S., February 21, 2017. REUTERS/Brian SnyderDish, racing to build a 5G network in the United States by 2023, has chosen a new technology called Open Radio Access Network (O-RAN) that uses software to run network functions on the cloud, reducing the use of physical equipment. Dish, with its new network built on the latest technologies, could become a threat to traditional telecom operators, such as Verizon and AT&T. “They will have a lower cost than Verizon and so will be able to undercut on price,” Chaplin said.
Persons: Brian Snyder, Marc Rouanne, David Brown, Jonathan Chaplin, , ” Chaplin, Rouanne Organizations: Dish, Wednesday, Amazon, Amazon Web Services, REUTERS, Access, AWS, Verizon, New, Research, AT, U.S . Federal Communications Commission Locations: STOCKHOLM, United States, Las Vegas, Somerville , Massachusetts, U.S
REUTERS/Olof Swahnberg/File PhotoSweden's Ericsson (ERICb.ST) on Wednesday reported first-quarter core earnings above market estimates as strong 5G equipment sales offset a loss of royalty income due to a patent fight with Samsung Electronics (005930.KS). Quarterly adjusted operating earnings rose to 5.3 billion Swedish crowns ($627.9 million) from 4.6 billion crowns a year ago, beating the mean forecast of 5.0 billion crowns, according to Refinitiv estimates. It missed estimates of 53.42 billion crowns. Patent licensing revenue fell to 0.8 billion crowns in the quarter from 2.5 billion crowns a year earlier. Ericsson previously warned patent revenue would fall by 1 billion-1.5 billion crowns per quarter.
Persons: Olof Swahnberg, Carl Mellander, Borje Ekholm Organizations: Ericsson, REUTERS, Samsung Electronics, Finland's Nokia, Huawei, Revenue, Samsung, Reuters, Nokia, Lenovo, Thomson Locations: Stockholm, Sweden
REUTERS/Supantha MukherjeeMusicians desperate to work together in harmony while kept apart by COVID-19 lockdowns have been collaborating with tech companies to shave milliseconds from delays on their online connections, driving innovations that will transcend music. Terrified of throat infections, singers tend to be germaphobic at the best of times, which makes digital technology like the Aloha attractive with or without a pandemic. "What the pandemic has told us and is still telling us, it's time for music and musicians to move into the digital world," he said. Benincaso said he was also working with major bands from outside the field of classical music, but could not name them because of confidentiality agreements. He said the San Francisco Opera experiments had put Aloha on track for a commercial release in October.
Persons: Michele Benincaso, Elk, Supantha Mukherjee, Rossini's Barber of Seville, Anne, Marie MacIntosh, Nikki Palmer, Matthew Shilvock, Rossini, Shilvock, Benincaso, Jan Söderström, That's, Söderström Organizations: REUTERS, San Francisco Opera, Ericsson, Vodafone, Verizon, Aloha, Technology, Thomson Locations: Stockholm, Sweden, Cremona, Italy, COVID
Payments firm Trustly plans Nasdaq Stockholm listing
  + stars: | 2021-04-12 | by ( Supantha Mukherjee | ) www.reuters.com sentiment -0.98   time to read: +1 min
STOCKHOLM (Reuters) - Swedish payments firm Trustly said on Monday it intends to list its shares on the Nasdaq Stockholm exchange. The appeal of financial technology companies has increased during the COVID-19 pandemic as more people shop online and make payments digitally to avoid physical contact. Other European fintech firms such as Wise and Klarna are also planning for a stock market listing. Trustly had also assessed a listing in the United States and there might be a situation in the future where it will do a dual listing, Tjärnberg said. Carnegie, Goldman Sachs and J.P. Morgan are joint global coordinators and bookrunners for the offering.
Persons: Trustly, Oscar Berglund, Johan Tjärnberg, Tjärnberg, Wise, Goldman Sachs, J.P, Morgan Organizations: Nasdaq, Reuters, Nordic Capital, PayPal, Facebook, Carnegie Locations: STOCKHOLM, Nasdaq Stockholm, European, United States
STOCKHOLM (Reuters) - Swedish payments firm Trustly said on Monday it intends to list its shares on the Nasdaq Stockholm exchange, the latest in a line of major European tech unicorns seeking a stock market listing. Tech and e-commerce companies helped push the European IPO market to its strongest quarter since 2015 in the first three months of this year. Poland’s InPost and Germany’s Auto1 were two highlights, though a debilitating stock market debut for Britain’s Deliveroo cast doubts on whether the tech rally can last. “Trustly is a quality asset with quality sponsors in a very hot space,” said a source familiar with the company’s IPO. Other European fintech firms such as Wise and Klarna are also planning for stock market listings.
Persons: Trustly, Oscar Berglund, Poland’s, Germany’s Auto1, Britain’s Deliveroo, , , Johan Tjärnberg, Wise, Goldman Sachs, J.P, Morgan Organizations: Nasdaq, Reuters, Tech, , PayPal, Facebook, Carnegie Locations: STOCKHOLM, Nasdaq Stockholm, European, United States
Swedish payments firm Trustly plans to go public
  + stars: | 2021-04-12 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
STOCKHOLM, April 12 (Reuters) - Swedish payments firm Trustly said on Monday it intends to list its shares on the Nasdaq Stockholm exchange. In January, Reuters reported here that Trustly's owner, buyout group Nordic Capital, was in the process of hiring more banks with a view to launching an IPO in late April or early May that could value the firm at up to 9 billion euros ($10.70 billion). ($1 = 0.8413 euros) (Reporting by Supantha Mukherjee in Stockholm; Editing by Simon Johnson)
Persons: Trustly, Supantha Mukherjee, Simon Johnson Organizations: Nasdaq, Reuters, Nordic Capital Locations: STOCKHOLM, Nasdaq Stockholm, Stockholm
Swedish online real estate firm Hemnet plans Stockholm IPO
  + stars: | 2021-04-08 | by ( Supantha Mukherjee | Helena Soderpalm | ) www.reuters.com sentiment -0.99   time to read: +2 min
STOCKHOLM (Reuters) -Swedish real estate web portal Hemnet, backed by U.S. private equity firm General Atlantic, plans to list its shares on Nasdaq Stockholm, it said on Thursday. She declined to give Hemnet’s current valuation, but according to a source familiar with the matter the company is currently valued at about 10 billion Swedish crowns ($1.16 billion). “We are very early in our commercial journey and so much more to do in Sweden, so our focus is on expanding our business within Sweden,” Beck-Friis said. Swedish housing prices rose to all-time highs in 2020 and housing prices on average are expected to be 9% higher in 2021, according to a report here by Nordea. ($1 = 8.6180 Swedish crowns)
Persons: Hemnet, , Cecilia Beck, Friis, ” Beck, ” Hemnet’s, Nordea Organizations: U.S, Nasdaq, General Atlantic, Reuters, Hemnet Locations: STOCKHOLM, Swedish, Nasdaq Stockholm, Hemnet, Sweden
Two sources close to Trustly said the 13-year-old company would likely go public later this year via a traditional IPO. Conversely, Pär-Jörgen Pärson, general partner at Northzone, which has invested in companies like Spotify and Klarna, said heavier American regulation around traditional IPOs were also encouraging startups and investors to explore SPACs there. ‘WE’LL SEE A RECORD NUMBER’However, SPACs proponents believe they will find their place in Europe among tech and biotech companies working on futuristic products. “Six SPACs were launched in Europe this year, as many have announced the plan to do so as well,” said Berthold Fuerst, co-head of investment banking in Europe at Deutsche Bank. “Overall, we will see a record number (of SPAC issuance in Europe), even if the actual volume will be well below that in the U.S.”
Persons: , Johnny Boufarhat, Florian Reuter, Feline, Boufarhat, Sebastian Siemiatkowski, Trustly, you’re, Harry Nelis, Pärson, , Rosh Wijayarathna, Nathaniel Rothschild, Bumi, ” Rothschild, Berthold Fuerst Organizations: REUTERS, Reuters, Refinitiv, , Accel Partners, Spotify, Silicon Valley Bank, Virgin Galactic, , Deutsche Bank Locations: STOCKHOLM, Singapore, London, Hopin, Europe, United States, Swedish, Trustly, U.S, Refinitiv, Amsterdam
RPT-AB Volvo shares fall 7% after warning chip shortage to hit output
  + stars: | 2021-03-23 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Repeats without changes to additional subscribers)STOCKHOLM, March 23 (Reuters) - Shares in AB Volvo fell 7% on Tuesday after the Swedish truckmaker warned of a substantial hit on production in the second quarter due to the global shortage of semiconductors. The company, which has 18 production facilities globally, was forced by the shortage to cut production at its factories in Belgium and Brazil. Deutsche Bank analysts estimated that Volvo would make 16,000 fewer trucks in the second quarter and consensus earnings could come down by 4-7% this year. U.S. automakers such as General Motors and Ford , Germany’s Volkswagen and Japan’s Honda Motor have all suffered a hit to production. Volvo Cars, owned by China’s Geely Holdings, had also said it would temporarily stop or adjust production in China and the United States for parts of March.
Persons: China’s Geely, Supantha Mukherjee, Niklas Pollard Organizations: Volvo, Deutsche Bank, Daimler, Citi, Semiconductor, Motors, Ford, Volkswagen, Japan’s Honda, China’s, China’s Geely Holdings Locations: STOCKHOLM, Belgium, Brazil, Swedish, Europe, U.S, China, United States, Stockholm
AB Volvo shares fall 7% after warning chip shortage to hit output
  + stars: | 2021-03-23 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
STOCKHOLM, March 23 (Reuters) - Shares in AB Volvo fell 7% on Tuesday after the Swedish truckmaker warned of a substantial hit on production in the second quarter due to the global shortage of semiconductors. The company, which has 18 production facilities globally, was forced by the shortage to cut production at its factories in Belgium and Brazil. Deutsche Bank analysts estimated that Volvo would make 16,000 fewer trucks in the second quarter and consensus earnings could come down by 4-7% this year. U.S. automakers such as General Motors and Ford , Germany’s Volkswagen and Japan’s Honda Motor have all suffered a hit to production. ($1 = 8.5363 Swedish crowns) (Reporting by Supantha Mukherjee in Stockholm; editing by Niklas Pollard)
Persons: China’s Geely, Supantha Mukherjee, Niklas Pollard Organizations: Volvo, Deutsche Bank, Daimler, Citi, Semiconductor, Motors, Ford, Volkswagen, Japan’s Honda, China’s, China’s Geely Holdings Locations: STOCKHOLM, Belgium, Brazil, Swedish, Europe, U.S, China, United States, Stockholm
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