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☆ Two senators urge automakers not to remove AM Radio from new cars
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 23 (Reuters) - Two senators on the U.S. Commerce Committee on Friday wrote seven major automakers urging them not to remove AM Radio from new vehicles. Senator Ted Cruz, the panel's top Republican, and Democrat Ed Markey wrote to BMW (BMWG.DE), Volkswagen (VOWG_p.DE), Tesla (TSLA.O), Mazda (7261.T), Polestar (A4N1y.F), Rivian (RIVN.O) and Volvo Cars asking them to commit by July 7 to including AM Radio in new vehicles. Ford Motor (F.N) said last month it would reverse course and not remove AM broadcast radio as a feature in 2024 model vehicles after lawmakers introduced legislation to require them. Reporting by David ShepardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Ted Cruz, Ed Markey, David Shepardson Organizations: U.S . Commerce, Republican, BMW, Volkswagen, Mazda, Volvo Cars, AM Radio, Ford, Thomson

☆ Two U.S. senators to automakers: don't remove AM radio from new vehicles
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, June 23 (Reuters) - Two U.S. senators wrote seven major automakers on Friday urging them not to remove AM radio from new vehicles. "Preserving AM radio not only aligns with the growing recognition of its significance but also demonstrates a commitment to public safety and meeting consumer expectations," the senators wrote. Markey said last month the seven automakers had opted to remove AM broadcast radio from their electric vehicles. The Alliance for Automotive Innovation, a trade group representing major automakers, said, "mandating AM radios in all vehicles is unnecessary. Automakers pointed to an existing system that distributes warnings across AM, FM, internet-based or satellite radio, and over cellular networks.

Persons: Ted Cruz, Ed Markey, Markey, Cruz, Jim Farley, Jessica Rosenworcel, David Shepardson, Jonathan Oatis Organizations: Republican, Senate, Committee, BMW, Volkswagen, Mazda, Volvo Cars, Ford, The Alliance, Automotive Innovation, Federal Communications, Thomson

☆ Polestar partners with Geely's Meizu to build Chinese operating system
▼ + stars: | 2023-06-19 | by ( Marie Mannes | Thomson Reuters | Stockholm-Based Company News Correspondent Who Mainly Covers Anything To Do With Retail | ) www.reuters.com time to read: +2 min

June 19 (Reuters) - Swedish electric vehicle (EV) maker Polestar said on Monday it had formed a joint venture with Xingji Meizu to build an operating system for Polestar cars sold in China that will offer the latest smart technologies in its vehicles. The venture represents a further push by the Geely group (GEELY.UL) to adapt cars specifically for Chinese consumers. The Swedish group said it would own 49% of the JV and Xingji Meizu 51%, providing $98 million and $102 million in funding respectively. Xingji Meizu has grown over the last decade in its attempt to become a Chinese rival to Android, but holds a marginal market share. Traditional carmakers have come under pressure from Chinese EV makers offering lower prices and smart consumer-facing technologies.

Persons: Polestar, Xingji, Li Shufu, Thomas Ingenlath, Xingji Meizu, Ingenlath, Marie Mannes, Elaine Hardcastle, Jan Harvey Organizations: Volvo, JV, Reuters, Google, EV, Thomson Locations: Swedish, China, U.S

☆ Why are other automakers chasing Tesla's 'Gigacasting'?
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +4 min

Here's a look at Gigacasting and how the innovation is forcing automakers to scramble to match Tesla:WHAT IS GIGACASTING? The Giga Press is an aluminium die-casting machine adopted by Tesla at its factories in the U.S., China and Germany. The house-sized machines are able to produce aluminium parts far bigger than anything used before in auto manufacturing. Toyota said it expected that using aluminium die-casting would eliminate dozens of sheet metal parts from assembly and reduce waste. The global aluminium die-casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, showed an AlixPartners analysis.

Persons: Matthew Childs, Tesla, Elon Musk, Zeekr, Kevin Krolicki, Christopher Cushing Organizations: REUTERS, Toyota, Giga Press, EVs, WHO, Industries, Buhler Group, HK, General Motors, Hyundai Motor, Volvo, EV, Thomson Locations: London, Britain, U.S, China, Germany, Italy, Europe, Japan, Gothenburg, Sweden

☆ China is unlikely to dominate the electric vehicle market, says Volvo Cars CEO
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is unlikely to dominate the electric vehicle market, says Volvo Cars CEOJim Rowan, the CEO of Volvo Cars, discusses the company's performance and competition with Chinese brands.

Persons: Jim Rowan Organizations: Volvo

☆ Volvo Cars launches EX30 electric SUV with focus on affordability
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

The EX30, launched in Milan, is the smallest SUV to date from the Sweden-based manufacturer and follows the unveiling of the larger electric EX90 in November. Volvo Cars' CEO Jim Rowan has said the group didn't need to follow Tesla on EV price cuts as market demand was healthy. "Customers get a premium fully electric SUV for a similar price to combustion engine-powered equivalents," it said. It said that, based on initial data in two markets, the total cost of ownership for the new model was lower than that of any other of its fully electric cars and of most competitors in the electric, small SUV segment. The EX30's entry price is comparable to that of the EV version of Jeep's (STLAM.MI) Avenger small SUV.

Persons: MILAN, Tesla, Jim Rowan, Giulio Piovaccari, Marie, Mark Potter Organizations: NMC, Volvo, Tesla, EV, BMW, Mercedes, Audi, Marie Mannes, Thomson Locations: Milan, Italy, Sweden, U.S, Europe, Stockholm

☆ Volvo Cars CEO discusses the firm's new fully electric SUV
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVolvo Cars CEO discusses the firm's new fully electric SUVJim Rowan, CEO of Volvo Cars, discusses the launch of the company's first fully electric SUV.

Persons: Jim Rowan Organizations: Volvo

The pan-European STOXX 600 index (.STOXX) ended 0.4% lower after a survey showed the U.S. services sector barely grew in May, while factory orders rose less than expected. "There's a bit of profit taking after some of the moves we've had recently," said Steve Sosnick, chief strategist at Interactive Brokers. "The economic reports that we've gotten around the world (signal) a somewhat slowing economy." Shares of Indivior Plc (INDV.L) jumped 7.8% to top the STOXX 600 index after the drugmaker agreed to pay $102.5 million to settle a lawsuit for its opioid addiction treatment Suboxone. Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sherry Jacob-Phillips, Dhanya Ann Thoppil and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: we've, Steve Sosnick, Christine Lagarde, Joachim Nagel, Shreyashi Sanyal, Sherry Jacob, Phillips, Dhanya Ann Thoppil, Richard Chang Organizations: PMI, Interactive, U.S . Federal, European Central Bank, Amazon.com Inc, Indivior Plc, Trendyol, Viaplay, Volvo, Copenhagen Stock Exchange, Thomson Locations: U.S, Alibaba, Swedish, Sweden, Bengaluru

☆ Volvo Cars sales up 31% in May
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: 1 min

HELSINKI, June 5 (Reuters) - Sweden-based Volvo Cars (VOLCARb.ST) on Monday posted a 31% rise in monthly sales figures year-on-year, saying it had sold 60,398 cars in May. The car manufacturer, majority-owned by China's Geely (0175.HK), saw May sales of fully electric cars double to 10,826. In the company's biggest market Europe, sales rose 40% while sales were up 49% in China and 14% in the United States, the Volvo Cars said in a statement. Reporting by Essi Lehto, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

Persons: China's Geely, Essi Lehto, Terje Solsvik Organizations: Volvo, HK, Thomson Locations: HELSINKI, Sweden, Europe, China, United States

☆ EV startups conserve cash as make-or-break moment approaches. Here's where everyone stands
▼ + stars: | 2023-05-24 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +14 min

As legacy automakers increasingly ramp production of all-electric vehicles, cushioned by the profits of gas-powered models, a handful of EV startups are scrambling to conserve cash and stay in the mix. It also means the amount of cash Fisker had left as of the end of March, $652.5 million, isn't yet cause for alarm. Still, Fisker cut its production guidance for 2023 to between 32,000 vehicles and 36,000 vehicles, from 42,400 in its original plan. Or as Evercore ISI analyst Doug Dutton wrote before Fisker's earnings report, "Fisker is beginning to turn into a story of binary and 'show me' outcomes." It had $108.1 million remaining as of the end of March, but it lost $171.1 million in the first quarter .

Persons: Tesla, Rivian, Claire McDonough, Rivian's, It's, McDonough, Deutsche Bank's Emmanuel Rosner, Rosner, Sherry House, Peter Rawlinson, Bank of America's John Murphy, Murphy, Aston Martin, Henrik Fisker, Fisker, Doug Dutton, Dutton, Nikola Nikola, Trevor Milton, Nikola, Voltera, TD Cowen, Jeffrey Osborne, Osborne, Polestar Polestar, it's, Johan Malmqvist isn't, aren't, Deutsche Bank's Rosner, Lordstown, Foxconn, Foxconn doesn't Organizations: EV, Amazon, Deutsche, Lucid's, Bank of America's, BMW, Global, Magna International, Nikola, Iveco, Volvo Cars, Geely, Lordstown, Nasdaq, General Motors Locations: Georgia, Magna, Austria, U.S, Europe, North America, Nikola's, Swedish, China, Ohio, Lordstown

☆ These European companies cut jobs this year
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +4 min

TECH* ERICSSON (ERICb.ST): the telecom equipment maker will lay off 8,500 employees globally as part of its plan to cut costs, a memo seen by Reuters said. * NOKIA (NOKIA.HE): the Finnish telecom equipment maker said on May 3 it plans to cut up to 208 jobs in Finland. * PHILIPS (PHG.AS): the Dutch medical equipment maker on Jan. 30 said it would cut 6,000 jobs to counter falling sales and after a massive recall of its respiratory machines. * SAP (SAPG.DE): the German software company said on Jan. 26 it planned to shed 3,000 jobs, 2.5% of its global workforce, to cut costs and focus on its cloud business. * EVONIK (EVKn.DE): the German specialty chemicals producer said on April 3 it would cut 200 jobs as part of restructuring of its pet food unit.

☆ Polestar to cut 10% of workforce as delays push upcoming SUV to 2024
▼ + stars: | 2023-05-11 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Swedish electric vehicle maker Polestar on Thursday trimmed its full-year production guidance, saying that its upcoming Polestar 3 SUV will be delayed until 2024 because of software issues. Polestar cut its full-year production guidance to between 60,000 and 70,000 vehicles in 2023, down from 80,000 in its earlier outlook, because the launch of the upcoming Polestar 3 SUV will be delayed until 2024. It now expects to begin shipping the Polestar 3 in the first quarter of 2024. The company's other upcoming new model, a smaller crossover SUV called Polestar 4, is still on track to launch in China in the fourth quarter of 2023, and elsewhere in early 2024. "While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we add two strong offers in the attractive electric SUV market in 2024.

☆ Volvo Cars to axe 1,300 jobs as it steps up cost cuts
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] lectric-powered Volvo XC40 cars are seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland November 10, 2022. REUTERS/Arnd WiegmannCOPENHAGEN, May 4 (Reuters) - Volvo Cars (VOLCARb.ST) will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based auto maker said on Thursday. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. Volvo Cars shares were down 3.87% at 0848 GMT.

☆ Volvo Cars axes 1,300 jobs as it steps up cost cuts
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, May 4 (Reuters) - Volvo Cars (VOLCARb.ST) will lay off around 1,300 office-based employees in Sweden as it steps up its cost cutting, the Swedish auto maker said on Thursday. While the group's efficiency drive had begun to show results, more was needed, Chief Executive Jim Rowan said in a statement. "Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time," Rowan said. About 1,100 jobs will be cut at Volvo Cars' main global operating unit, Volvo Personvagnar, while the remaining 200 positions will be identified after a review of the company's entities across Sweden, the group said. Reporting by Louise Breusch Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Auto giants are setting their sights on a new growth market for EVs: India
▼ + stars: | 2023-05-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

When it comes to electric cars, however, the country is playing a game of catch up. During a recent interview with CNBC's Charlotte Reed, Thierry Koskas accepted that the market in India was "just starting." Citroën India, which launched the fully electric ë-C3 in Feb. 2023, is not alone when it comes to making a move in India's nascent electric car sector. According to the IEA, Tata was responsible for more than 85% of battery electric vehicle sales within India last year. Other Indian firms jostling for position in the sector include Mahindra and Mahindra and Ola Electric.

☆ Geely's EV brand Zeekr jumps on the 'gigapress' bandwagon
▼ + stars: | 2023-04-27 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +5 min

REUTERS/Aly Song/File PhotoApril 27 (Reuters) - Geely's EV brand Zeekr is the latest to join a growing list of automakers that have turned to the "gigapress" die casting technique pioneered by Tesla to slash the cost of electric cars. "In the future, Zeekr will use giga-casting technology on more models," Jiang said. Metal and plastic die casting has long been used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The front and rear sections are then connected with large under-floor battery packs to form a three-piece EV chassis. 'MEGA-CASTING'Other automakers turning to large die casting include General Motors (GM.N), which is using the technology to help design its Cadillac Celestiq electric saloon.

Volvo Cars, majority-owned by China's Geely Holding, said operating earnings fell to 5.1 billion Swedish crowns ($494.63 million) in the quarter from a year-ago 6 billion crowns, beating a mean forecast of 3.6 billion crowns, according to Refinitiv estimates. The automaker reaffirmed its outlook for "solid double-digit growth" in retail sales this year, provided there were no major supply disruptions. While demand for the company's cars was healthy, macroeconomic conditions were challenging, CEO Jim Rowan said. Lithium prices, a large source of cost for electric cars, had started to decline, expecting the full effect to kick in a few months' time, the CEO said. ($1 = 10.3107 Swedish crowns)Reporting by Marie Mannes, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

☆ Shares of this Swedish EV maker could nearly double, Cantor Fitzgerald says
▼ + stars: | 2023-04-27 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Investors should consider buying Polestar Automotive as electric vehicle demand ramps up, according to Cantor Fitzgerald. PSNY 1D mountain Polestar Automotive shares 1-day Polestar is based in Sweden and started as a joint venture between the country's Volvo and China's Geely in 2017. Polestar shares dropped 54% in 2022, and are down about 35% this year. Polestar shares are up more than 2% during Thursday trading. "The company reported annual revenue of ~$2.5B in 2022, after delivering 51,491 vehicles (above company guidance of 50,000)," Sheppard wrote.

[1/3] BMW's concept model i Vision Dee is unveiled during an event at the Auto Shanghai show, in Shanghai, China April 18, 2023. While the battery-electric vehicle market share of German automakers in China is rising, it is still miniscule. The EV sales of all four German brands added up to only a quarter of BYD's in 2022. "The Chinese market is no longer as stable for German carmakers as it was," Thomas Luk, partner at management consultancy Kearney, said on the sidelines of the Shanghai show. Many are also adopting direct sales, an approach German automakers like BMW and Mercedes-Benz have also said in recent months they are moving towards.

☆ Some electric vehicles from BMW, Nissan, Hyundai and Volkswagen will no longer get federal tax credits
▼ + stars: | 2023-04-18 | by ( Emma Newburger | ) www.cnbc.com time to read: +4 min

Brown | AFP | Getty ImagesFewer electric vehicles now qualify for federal tax credits after the Biden administration this week unveiled stricter rules for battery sources that will prioritize domestically manufactured models. The new list published by the Treasury Department includes 16 U.S. manufactured models from Ford , General Motors , Tesla and Stellantis . Ten of the models on the new list will qualify for the full $7,500 tax credit, with the rest qualifying for half that amount. Vehicles losing credits include those from BMW, Hyundai, Nissan, Rivian , Volkswagen and Volvo Cars. The bill set various manufacturing requirements for new all-electric and plug-in hybrid vehicles to qualify for the $7,500 tax credit.

☆ Goldman Sachs just turned bearish on BMW and others — and Tesla could be to blame
▼ + stars: | 2023-04-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Goldman Sachs has warned that European automakers are at risk of losing market share to Tesla and Chinese firms. The Wall Street investment bank said the transition toward battery electric vehicles in Europe could spark swings in some share prices. Europe's incumbent mass-market brands accounted for 72% of sales last year, Goldman Sachs analysts said. Chinese electric car maker Nio announced plans to open a manufacturing plant in Hungary last year. The change in regulation allowing for e-Fuel — a synthetic drop-in replacement for gasoline — also has the potential to de-risk companies and brands, according to Goldman Sachs.

☆ Volvo Car's sales up 8% in March
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, April 5 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales increased by 8% year-on-year in March to 63,132 cars, helped mainly by the company's fully electric cars. Volvo Car, majority-owned by China's Geely Holding (0175.HK), said in a statement its fully electric models made up 41% of all its cars sold globally in the first three months of this year. In Europe, Volvo Car's fully electric models made up 62% of overall sales in the first three months of 2023. In February, the group's total car sales were up 22%, helped by a 187% month-on-month jump for its recharge models, with fully electric cars accounting for 19% of total sales. (This story has been refiled to say Volvo Car instead of Volvo Cars in paragraph 2)Reporting by Louise Breusch Rasmussen, editing by Essi LehtoOur Standards: The Thomson Reuters Trust Principles.

The EU has progressively tightened limits since "Euro 1" in 1992. The Commission's proposal widens real-driving emissions (RDE) testing and adds continuous testing of emissions via an on-board monitoring system. Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses. The European Commission estimates Euro 7 could add up to 150 euros to car prices and 2,600 euros for trucks and buses. A Commission spokesperson declined to comment on executives' statements, but said Euro 7's real-driving emissions tests were important because of "scandals in the past about cheating devices".

☆ His Porsche Looks Like a Glass of Rosé on Wheels
▼ + stars: | 2023-03-04 | by ( A.J. Baime | Photographs Winni Wintermeyer For The Wall Street Journal | ) www.wsj.com time to read: 1 min

John Paolo Canton , 40, head of communications at Polestar (an electric-vehicle brand recently launched by Volvo Cars), who lives in San Francisco, on his 1968 Porsche 912, as told to A.J. In 2005, I met a new friend named Pete at the Road America racetrack in Wisconsin. He had a Ducati dealership and was involved in racing, and I worked with racing motorcycles. On the day I met him, he had this Porsche 912 with him. He had restored the car and painted it a strawberry-red that was highly unusual, not just for a Porsche, but for any car.

☆ Volvo Cars' sales rise 22% in February
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, March 3 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday sales grew 22% year-on-year in February to 51,286 cars helped by a jump for its recharge models, sending its shares up. Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said in a statement sales of fully electric cars soared 187% to account for 19% of total sales. All recharge models, also including those not fully electric, were up 49% to account for 40% of total sales. Volvo Cars' shares rose 3% in early trade. In January, the group's total car sales were up 2% as they were held back in China by Chinese New Year calendar effects.

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