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☆ 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.

☆ Polestar cuts annual losses in half as it ramps up EV production
▼ + stars: | 2023-03-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Swedish electric vehicle maker Polestar cut its annual net losses in half last year, while revenue surged and it attempted to set itself apart from other EV startups. The company on Thursday reported an 84% increase in revenue for 2022 to roughly $2.5 billion as it exceeded a 50,000-vehicle delivery target. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. The company is releasing two new EVs this year – Polestar 3 and Polestar 4 – that are expected to hit their production strides in 2024. Polestar's relatively positive results come after other EV startups like Lucid , Nikola and Rivian reported ongoing problems with supply chains and production, causing them to miss production or sales targets.

"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.

☆ Luminar, Mercedes-Benz expand deal for self-driving tech
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Self-driving sensor maker Luminar Technologies Inc (LAZR.O) announced an expanded partnership with Mercedes-Benz Group (MBGn.DE) on Wednesday to enable fully automated driving for its next-generation vehicles. Automakers from Tesla Inc (TSLA.O) to General Motors (GM.N) are focusing on autonomous vehicles, but technological and regulatory hurdles remain. Tech firms such as Alphabet Inc's (GOOGL.O) Waymo and Aptiv-Hyundai Motor joint venture, Motional, are also looking to develop autonomous vehicles for commercial use. Luminar and Mercedes-Benz had announced a partnership in January last year. Palo Alto, California-based Luminar also said it plans to build a factory in Asia to support the multi-billion dollar deal.

☆ Gigapresses - the giant die casts reshaping car manufacturing
▼ + stars: | 2023-02-10 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +5 min

GIGAPRESS 9,000Metal and plastic die casting has been largely used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The global aluminium die casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, according to an AlixPartners analysis based on Apollo Reports data. Ralf Bechmann of manufacturing consultant EFESO said the benefits of die casting would push it "to be applied to an increasing number of new models of BEV vehicles, also by other manufacturers". Yet not all automakers are convinced, and EFESO's Bechmann cautioned that large module die casting required product design to be "super solid". After initially considering die casting for its upcoming Trinity model, Volkswagen (VOWG_p.DE) has backtracked, while BMW (BMWG.DE) has never expressed an interest.

"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.

☆ Chinese New Year slows Volvo Cars' sales growth in January
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said the increase at group level was led by markets such as Britain, Italy and Belgium while in China sales fell 20% due to the timing of the Chinese New Year. It said fully electric vehicles accounted for 16% of total sales. Recharge models, also including those not fully electric, accounted for 41%. In December, the car sales growth stood at 13%. In 2022, sales were down 12% for the full year.

☆ Exclusive: Volvo readies EV blitz in biggest product revamp under Geely
▼ + stars: | 2023-02-02 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

[1/5] A Volvo S60 is displayed during the inauguration of Volvo Cars first U.S. production plant in Ridgeville, South Carolina, U.S., June 20, 2018. The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters. The previously unreported product plans amount to the largest revamp of Volvo’s model line-up since Geely acquired the brand from Ford Motor Co (F.N) in 2010. Under Geely, Volvo initially started to share technologies such as car platforms with Geely. Volvo has carved out and sold its gasoline engine and hybrid powertrain operations to Geely.

☆ Israel's StoreDot partners with Circulor on supply chain tracking
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] Circulor, a British start-up specialised in blockchain being used at the Gatumba mine, is pictured on a smartphone in Ngororero district, Western Rwanda October 17, 2018. REUTERS/Clement UwiringiyimanaFRANKFURT, Jan 31 (Reuters) - StoreDot, an Israeli start-up developing fast-charging batteries, said on Tuesday it has partnered with UK start-up Circulor, which uses blockchain technology to map supply chains for companies pursuing greener, more sustainable production. StoreDot has begun using Circulor's technology to track the origin and carbon emissions of the raw materials in its battery cells. Legislative pressure is rising on electric vehicle makers and battery producers to track the human rights and environmental impact of their supply chains. Reporting by Victoria Waldersee; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. hits Volvo Group North America with $130 mln penalty over delayed recalls
▼ + stars: | 2023-01-30 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The National Highway Traffic Safety Administration (NHTSA) said Volvo Group agreed to a three-year consent order that includes one of the largest-ever penalties for violations under the recall law. Volvo Group North America agreed to oversight by an independent third-party auditor and will meet regularly with NHTSA to ensure it addresses any potential safety issues, the agency said. Volvo Group North America is the parent company to Mack Trucks, Nova Bus, Prevost Car (US), VNA Holding and Volvo Group Canada. Volvo Group must pay $65 million within 60 days and $45 million is due if it fails to comply with the agreement. Volvo Group is a separate entity from Volvo Cars.

☆ Volvo Cars recalls around 106,900 cars worldwide
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Jan 24 (Reuters) - Sweden-based Volvo Cars (VOLCARb.ST) is recalling around 106,900 cars worldwide over a suspected fault related to the brakes, a Volvo Cars spokesperson said on Tuesday. The vehicles being recalled are of the 2023 year model of the C40, XC40, S60, V60, XC60, V90 and XC90 models, the spokesperson said. Reporting by Anna Ringstrom, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Zenseact becomes fully owned subsidiary of Volvo Cars
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: +1 min

Dec 31 (Reuters) - Sweden-based Volvo Car AB said on Saturday it had taken 100% ownership of its autonomous driving (AD) software development subsidiary Zenseact. Volvo Cars acquired 13.5% of shares in Zenseact from ECARX, which made the AD software company a fully owned subsidiary of the Swedish automaker. Zenseact will continue to remain and operate as a standalone company, Volvo Cars said. Despite Volvo Cars taking ECARX's shares in the software company, the ongoing collaboration discussions between Zenseact and ECARX will continue as planned, Volvo Cars said. Zenseact received a strategic investment in 2021 from ECARX where it asked for 15% shareholding in the software company.

☆ Volvo Cars' sales growth accelerates to 12% in November
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Dec 2 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday its sales grew 12% year-on-year in November to 59,154 cars. "Overall underlying demand for the company's cars continues to remain robust, especially for its Recharge range of pure electric and plug-in hybrid cars," it said in a statement. The sales growth accelerated compared with October when it was 7%. Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 20% of sales, up from 15% the previous month. Recharge models, including those not fully electric, accounted for 42%, up from 37%.

[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.

☆ Swedish EV maker Polestar reports lower operating loss, confirms full-year guidance
▼ + stars: | 2022-11-11 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Swedish electric-vehicle maker Polestar said Friday that its third-quarter operating loss narrowed from a year ago as revenue more than doubled, and it confirmed that it still expects to deliver 50,000 vehicles in 2022. (Because Polestar's share price has fallen since it went public, it will have to pay out less than it had previously expected, hence the credit.) "I would like to reiterate: Polestar is a real car company," CEO Thomas Ingenlath said during the earnings call. CFO Johan Malmqvist said that Polestar's lower operating loss was helped by its efforts to reduce costs, specifically short-term reductions in advertising and marketing spending. On the other hand, foreign exchange headwinds exacerbated the loss, and those are expected to continue into next year.

The carmaker is calling the seven-seat SUV its new flagship vehicle, starting at under $80,000. The company said production of the car is expected to begin in the U.S. next year, with production in China to follow. The car also marks the introduction of Luminar Technologies' lidar system as standard equipment in a commercially built vehicle. Many in the automotive industry believe lidar is the next-generation of safety technology and a step closer to more highly-automated or autonomous vehicles. All EX90s will come standard with a lidar sensor and related software from Florida-based Luminar.

Renault's joint venture with Geely will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023. Renault and Geely will each hold 50%, the companies said in a statement that did not detail other financial terms. Nissan has said it is considering an investment in the Ampere electric venture. Renault and Geely said they expect their new joint venture would supply internal combustion engines and hybrid powertrains to both Nissan and the junior partner in Renault's existing alliance, Mitsubishi Motors (7211.T). Renault and Geely have an existing joint venture in South Korea.

☆ Renault, Geely clinch deal for internal-combustion joint venture
▼ + stars: | 2022-11-08 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

The joint venture will employ 19,000 people at 17 powertrain factories and three research and development hubs, the companies said, adding they expect to reach a final agreement and launch the new company in 2023. Renault and Geely will each hold 50%, the companies said in a statement that did not detail other financial terms. Renault and Geely said they expect their new joint venture would supply internal combustion engines and hybrid powertrains to Nissan and the junior partner in Renault's existing alliance, Mitsubishi Motors (7211.T). They said it would have the capacity to supply about 5 million engines and hybrid systems per year once operational. Renault and Geely Automobile also have an existing joint venture in South Korea.

REUTERS/Aly SongBEIJING/TOKYO, Nov 7 (Reuters) - Nissan Motor Co's (7201.T) concerns about technology transfers have complicated its partner Renault's (RENA.PA) plans to sell a large stake in its gasoline-engine business to China's Geely (0175.HK), three people familiar with the talks said. Nissan's concerns about technology rights have also been one reason why it has yet to reach a preliminary agreement to invest in Ampere. Renault has a 43% stake in Nissan while the Japanese automaker has a 15% non-voting stake in Renault. People with knowledge of the talks have said the two sides have been discussing a reduction in Renault's stake in Nissan, potentially to 15%. Uchida also said Nissan wanted to see a “fair treatment” of its interests in any new partnership Renault strikes with Geely.

☆ Volvo Cars' sales up 7% in October on "robust" underlying EV demand
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Nov 2 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales grew 7% year-on-year in October to 54,317 cars. "Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars," it said in a statement. Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 15% of sales. Recharge models including those not fully electric accounted for 37%. The group last week reported a drop in quarterly operating profit as higher costs bite and predicted slightly lower wholesale volumes in 2022 than last year.

☆ Luminar says it has begun production of its automotive lidar units ahead of schedule
▼ + stars: | 2022-11-02 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Automotive sensor company Luminar said it has begun production of its Iris lidar units for an automaker client, a major milestone that it had previously expected to reach around year-end. Luminar's lidar units are part of an advanced driver-assist system on the Rising Auto R7, a new electric SUV from the largest Chinese automaker, SAIC Motor. Luminar previously announced deals to supply other automakers including Volvo Cars and Polestar, but it hadn't previously revealed plans to begin production of the Iris units earlier than 2023. The lidar units are being made in a factory in Mexico owned by Canadian electronics manufacturer Celestica. Celestica and Luminar are together building a new dedicated factory, also in Mexico, that will be able to manufacture 250,000 Iris units per year.

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