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☆ European stocks close lower as traders focus on earnings and bond yields
▼ + stars: | 2024-10-23 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets closed lower Wednesday as investors in the region focused on corporate reports and U.S. Treasury yields. The pan-European Stoxx 600 index provisionally closed around 0.3% lower, with most sectors and major bourses in the red. There were earnings aplenty on Wednesday, with Deutsche Bank beating expectations in its return to profit in the three months to September. Shares of the German lender continued their decline after a German court ruled against the company in a long-standing legal dispute with shareholders who alleged the lender underpaid in its acquisition of German retail bank Postbank. Volvo Cars traded 5.9% lower, AkzoNobel was down 3.5% and L'Oreal fell 2.5% after the firms reported earnings earlier.

Persons: Heineken, AkzoNobel Organizations: Treasury, Deutsche Bank, Volvo, L'Oreal

☆ Sweden's Volvo says deputy CEO to step down in management reshuffle as EV demand slows
▼ + stars: | 2024-10-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Swedish automaker Volvo Cars on Wednesday announced deputy CEO Björn Annwall will step down from his current role as part of a management reshuffle designed to increase simplicity and collaboration in the organization. It comes shortly after Volvo Cars abandoned its near-term goal of selling only electric vehicles (EVs), citing a need to be "pragmatic and flexible." "In a rapidly changing world, we need to ensure our organisation is equipped to navigate a more challenging market," Jim Rowan, CEO at Volvo Cars, said in a written statement. "We are now regrouping our commercial leadership team with a focus on making Volvo Cars even stronger with increased speed and efficiency," he added. Volvo Cars said it was taking these steps to navigate challenges facing the automotive industry, such as headwinds driven by geopolitical and macroeconomic uncertainties, market sentiment, rapid technology shifts and supply chains.

Persons: Björn Annwall, Jim Rowan, Annwall, Arek Nowinski, Gretchen Saegh, Fleming, Oscar Bertilsson Olsborg Organizations: Volvo, Wednesday, Volvo Cars Locations: China

☆ Auto giants are getting nervous about the prospect of mega fines as EV demand falters
▼ + stars: | 2024-10-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Cfoto | Future Publishing | Getty ImagesEurope's top car giants appear to be increasingly concerned about the prospect of massive fines, particularly as electric vehicle demand falters ahead of the next tightening of carbon regulations. "The fines are massive actually. "Manufacturers are pretty much focused on conventional hybrids and ICE vehicles because they are much more profitable," ING's Luman said. Pooling refers to the process in which car manufacturers team up to be considered as one entity when calculating their performance against a CO2 emissions target. Not everyone is convinced that the sales challenge that Europe's car industry faces constitutes an industry-wide crisis.

Persons: Rico Luman, Europe's carmakers, Luman, Luca de Meo, ACEA, Tim McPhie, McPhie, ING's Luman, Sean Gallup, Xavier Demeulenaere, Demeulenaere, Brandon Bell Organizations: Volkswagen, ING, CNBC, videoconference, Renault, EV, Reuters, European Automobile Manufacturers ' Association, BMW, Ferrari, Volvo, European Commission, Ford, Benz Group, Manufacturers, Getty, P Global Mobility, Transport, Environment, Hill Locations: Anhui, Hefei, China, Europe, ACEA, Weissenfels, Germany, Austin , Texas

☆ Car giants are being forced to confront some hard truths over the EV transition
▼ + stars: | 2024-09-10 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

The Swedish automaker said it now aims for between 90% and 100% of its car sales to be fully electric or plug-in hybrid models by 2030. "I think a lot of manufacturers are obviously going through this process [of delaying electrification targets] at the moment. The U.K., for instance, introduced a mandate that requires 22% of new car sales this year to be zero-emission vehicles (ZEVs). The mandate, which aims to reduce the number of polluting vehicles on the road, will rise annually until it reaches 100% of new car sales by 2035. A Volkswagen ID4 electric car charges at a charging station in a parking lot at Autostadt Wolfsburg.

Persons: Brandon Bell, Tim Urquhart, CNBC's, we're, Urquhart, carmaker, BEV, —, it's, Rico Luman Organizations: Volvo, Hill, Getty, Wednesday, Volkswagen, Ford, Benz Group, P Global Mobility, Volvo Cars, Autostadt Wolfsburg, Volkswagen AG, BEVs, European, ING Locations: Austin , Texas, China, Swedish, Europe

☆ Volvo Cars cuts margin and revenue aims after ditching 2030 electric vehicle target
▼ + stars: | 2024-09-05 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Volvo Cars on Thursday scaled back its margin and revenue targets, after announcing it was no longer targeting 100% all-electric vehicle sales by 2030. Volvo Cars shares were 3.2% higher in early afternoon deals following a 10% decline so far this week. Numerous automakers have reported challenges related to the electric vehicle transition, particularly from underwhelming demand. Volvo Cars also announced Thursday that it was extending its partnership with U.S. chip giant Nvidia as it develops features including advanced driving assistance and autonomous driving. In July, the firm reported record quarterly operating profit of 8.2 billion Swedish kronor.

Persons: China's Geely Organizations: Volvo, China's, European Union, Volvo Cars, U.S, Nvidia, EV Locations: Shanghai, China, Swedish, U.S, Gothenburg, Sweden, Europe

☆ Sweden's Volvo Cars scraps plan to sell only electric vehicles by 2030
▼ + stars: | 2024-09-04 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Volvo Cars, which is owned by China's Geely Holding, had been among the first legacy carmakers to promise a complete switch to EVs. The firm said its long-term aim remains to become a fully electric carmaker. The target replaces a 2021 pledge for Volvo Cars' lineup to be fully electric by the end of the decade. The move means Volvo Cars follows in the footsteps of other industry players in scaling back its EV ambitions. Shares of Volvo Cars traded more than 4% lower Wednesday.

Persons: China's Geely, carmakers, Mercedes, Jim Rowan Organizations: Volvo, China's, Volvo Cars, Benz Group, Volkswagen Locations: Germany

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy EV makers are investing in the new manufacturing method of gigacastingAutomakers are seeking new manufacturing methods that can help achieve the goal of producing cheap EVs profitably. One technique is called gigacasting or megacasting where high pressure molds are used to form molten aluminum into large parts. Electric car maker Tesla is credited with pioneering the method, and some rivals also are stepping up investments. CNBC spoke with experts, including Volvo Cars' chief product and strategy officer, Erik Severinson, about that company's plans in this area.

Persons: Tesla, Erik Severinson Organizations: CNBC, Volvo Cars

☆ Volvo Cars jumps 7% after reporting a record core operating profit
▼ + stars: | 2024-07-18 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shares of Volvo Cars rose sharply on Thursday after the company reported a jump in annual operating profit for the second quarter. Core operating profit for the quarter came in at 8.2 billion Swedish kronor ($776 million), 28% higher than in the same quarter a year earlier, the company said in a statement. Volvo Cars' revenue dipped slightly in the second quarter, coming in at 101.5 billion Swedish kronor from 102.2 billion Swedish kronor over the same period of last year. In the first quarter of 2024, Volvo Cars had reported a 2% year-on-year decline in revenue. First-quarter operating profit had come in at 6.8 billion Swedish kronor, while retail car sales amounted to 182,687.

Persons: Jim Rowan Organizations: Volvo, Global, U.S, Volvo Cars Locations: Shanghai, China, London

☆ Meet Emma Navarro, the American billionaire heiress who upset world No. 2 Coco Gauff to take the tennis world by storm
▼ + stars: | 2024-07-09 | by ( Mykenna Maniece | ) www.businessinsider.com time to read: +1 min

Her father, Ben Navarro, has an estimated net worth of $1.5 billion, according to Forbes. Forbes reported that, in addition to banking, Navarro has purchased more than $350 million worth of property in Charleston since 2021. He's also been an active buyer in the tennis space, with CNN reporting that he purchased the Cincinnati Open tournament for about $300 million in 2022. Other tennis-related ventures in his portfolio include the South Carolina-based Live To Play Tennis Club and the Volvo Car Open, the largest women's only tennis tournament in North America, per the WTA. In 2019, the US Tennis Association named the Navarro family South Carolina's tennis family of the year.

Persons: Ben Navarro, Forbes, HENRY NICHOLLS, Navarro, He's Organizations: Getty, Sherman Financial Group, Forbes, CNN, Cincinnati, Tennis Club, Volvo, Credit, US Tennis Association, Post, Courier Locations: Charleston, South Carolina, North America

☆ Volvo Cars core operating profits rise in first quarter on higher retail sales
▼ + stars: | 2024-04-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

A Volvo EX30 fully electric EV Car is displayed during the Everything Electric London 2024 at ExCel on March 28, 2024 in London, England. Swedish automaker Volvo Cars on Wednesday reported an uptick in first-quarter core operating profits driven by strong retail sales. Retail sales nevertheless rose 12% year-on-year to 182,687 cars, the company said, after a new all-time monthly sales record in March. The growth included a modest uptick in electric vehicles sales, as the company has doubled down on the category. Looking ahead, Volvo Cars said it expects a further rise in 2024 retail sales compared to the previous year, with the share of fully electric vehicles forecast to increase "considerably."

Persons: Jim Rowan, Rowan Organizations: Volvo, ExCel, Revenue, Volvo Cars Locations: London, England, Swedish

☆ Diversification of portfolio means Volvo is not fully reliant on EV sales, says CEO
▼ + stars: | 2024-04-24 | 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 EmailDiversification of portfolio means Volvo is not fully reliant on EV sales, says CEOJim Rowan, CEO of Volvo Cars, discusses Q1 results and explains how investments in technology is fueling growth across the premium and mass market.

Persons: Jim Rowan Organizations: Volvo, EV

☆ Shares of Volvo Cars up 6% to November highs on record sales month
▼ + stars: | 2024-04-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Sweden's Volvo Cars on Thursday climbed to its highest level since November, after the automaker reported record single-month sales for March and solid electric vehicle growth in Europe. Year-on-year sales of electric vehicles in Europe were 22% higher in the quarter and up 34% year-on-year in March, roughly in line with overall sales growth in that market. Sales of electric models to China, the largest EV market, dropped by 36% despite a 4% hike in overall sales. Overall sales growth was 17%. "These numbers reflect the strength of our strategy and product diversity - offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix," Volvo Cars' Deputy CEO Björn Annwall said in a statement.

Persons: Björn Annwall Organizations: Volvo, Volvo Cars, EV Locations: Europe, London, China

☆ Volvo falls 5% after it sets out to dilute stake in electric vehicle automaker Polestar
▼ + stars: | 2024-02-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

A Polestar Roadster concept electric vehicle during the Singapore Motorshow in Singapore, on Thursday, Jan. 11, 2024. Photographer: Lionel Ng/Bloomberg via Getty ImagesShares of Volvo Cars dipped on Friday, after the company said it would dilute its stake in electric vehicle maker Polestar by distributing 62.7% of its holdings to its shareholders. If approved during the company's annual general meeting of March 2024, Volvo would retain around 18% of Polestar's shares. The announcement comes after the company said earlier this month that it would stop funding ailing brand Polestar and is considering adjusting its holdings in the electrical vehicle maker. Rowan at the time said that the changes were part of a "natural evolution" in the relationship between the automakers.

Persons: Lionel Ng, Polestar, Jim Rowan, Rowan Organizations: Bloomberg, Getty, Volvo Locations: Singapore, Jan, London, Polestar

☆ European markets set for higher open with earnings, central banks in focus
▼ + stars: | 2024-02-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets are set for a higher open on Friday to close out a busy week of corporate earnings and major central bank decisions. On Wednesday, the U.S. Federal Reserve also left policy unchanged and Chair Jerome Powell poured cold water on speculation about a potential first interest rate cut in March. Preliminary inflation data for the euro zone on Thursday revealed the annual increase in the headline consumer price index eased slightly in January, while core figures declined less than expected and services inflation held steady. Friday is set to be quieter on the earnings front, with Spain's CaixaBank among the biggest names reporting. No major corporate earnings or economic data releases are due from Europe.

Persons: Jerome Powell, Spain's Organizations: Bank of England, U.S . Federal Reserve, Deutsche Bank, BNP, Adidas, Volvo Locations: Europe

☆ Volvo shares jump 24% on higher sales, plans to stop Polestar funding
▼ + stars: | 2024-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Volvo Cars shares surged more than 24% Thursday after the Swedish automaker announced that it will stop funding subsidiary Polestar Automotive. Volvo earlier in the day reported a 10% year-on-year increase in fourth-quarter net sales to 148.1 billion Swedish krona ($14.16 billion), bringing its full-year 2023 total to 552.8 billion krona. Adjusted operating income jumped to 18.38 million krona from 12.17 million for the same period in 2022. The group announced that it may hand stewardship of ailing luxury car brand Polestar over to majority Volvo shareholder Geely Holding . "We are therefore evaluating a potential adjustment to Volvo Cars' shareholding in Polestar, including a distribution of shares to Volvo Cars' shareholders.

Organizations: Volvo, Volvo Cars, Polestar Automotive, Geely, Geely Sweden Holdings Locations: Seoul, South Korea, Swedish, Polestar, Geely Sweden

☆ Volvo Cars CEO: Stopping Polestar funding is a 'natural evolution'
▼ + stars: | 2024-02-01 | 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: Stopping Polestar funding is a 'natural evolution'Volvo Cars CEO Jim Rowan discusses fourth-quarter earnings and the company's decision to stop funding Polestar Automotive.

Persons: Jim Rowan Organizations: Volvo, Polestar Automotive

☆ Volvo Cars deputy CEO: We're doubling down on our climate action
▼ + stars: | 2023-12-01 | 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 deputy CEO: We're doubling down on our climate actionJavier Varela, deputy CEO of Volvo Cars, speaks to CNBC's Steve Sedgwick at COP28 in the United Arab Emirates.

Persons: Javier Varela, Steve Sedgwick Organizations: Volvo, United Locations: COP28, United Arab Emirates

☆ UAW launches bid to organize Tesla and 'entire non-union auto sector' in US
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +6 min

Shawn Fain, president of the United Auto Workers (UAW) speaks as U.S. President Joe Biden (not pictured) joins striking members of the United Auto Workers (UAW) on the picket line outside GM's Willow Run Distribution Center, in Belleville, Wayne County, Michigan, U.S., September 26, 2023. "To all the auto workers out there working without the benefits of a union, now it's your turn," UAW President Shawn Fain said in a video posted on a website urging auto workers to sign electronic cards seeking union representation. The UAW for decades has unsuccessfully sought to organize auto factories operated by foreign automakers. The website asks Tesla workers to join, saying CEO "Elon Musk is the richest man in the world, with a net worth of $230 billion. The question is, will Tesla workers get their fair share?"

Persons: Shawn Fain, Joe Biden, Evelyn Hockstein, Fain, Elon Musk, Tesla, Harley Shaiken, David Shepardson, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, UAW, REUTERS, Rights, Detroit Three automakers, Tesla, Toyota, Volkswagen, Hyundai, Nissan, BMW, Mercedes, Benz, Detroit, General Motors, Ford Motor, New York Times, Honda, Subaru, Mazda, Volvo, University of California, White, Detroit Three, Lexus ES, Union, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Detroit, America, Mississippi, Tennessee, Chattanooga , Tennessee, Berkeley, Georgetown , Kentucky, Washington

☆ Volvo shares tumble 14% to record low as Chinese owner Geely sells off stock
▼ + stars: | 2023-11-17 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Volvo Cars shares tumbled as much as 14% on Friday morning after its parent company Zhejiang Geely Holding Group began a sale of around 100 million shares of the Swedish carmaker. Volvo shares are down 25% year to date. Geely said in a statement earlier on Friday that it would release further shares of Volvo, which was in line with its long-term strategy. Geely will still hold 78.7% of Volvo shares following the sale, the statement said. Geely previously owned around 82% of Volvo, putting the sold shares at over 3%.

Persons: Geely Organizations: Volvo, Zhejiang Geely Holding, Reuters Locations: Edmonton, Edmonton , Alberta, Canada, Swedish, London

☆ Volvo Cars shares drop to record low as Geely trims stake
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

The sale of the 3.4% stake leaves Geely with a holding in Volvo Cars of 78.7%, the Chinese company said in a statement. Proceeds received by Geely Holding are intended to be used to support business development within the group," it added. It allows a wider base of shareholders to invest in Volvo Cars," the Swedish company's CEO Jim Rowan said in a statement. At 0926 GMT, Volvo Cars shares were down 10.9% at 36.38 crowns, having traded as low as 35.25 crowns. Geely Holding has committed to a lock-up period of 90 days for its remaining shareholding, "subject to customary exceptions and waivers" by the bookrunners.

Persons: Aly, China's Geely, bookrunners, Jim Rowan, Goldman Sachs, SEB, Geely, Terje Solsvik, Louise Rasmussen, Mark Potter Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Swedish, HK, Volvo Cars, Geely, BNP, Marie Mannes, Thomson Locations: Shanghai, China, Rights OSLO, Swedish, Oslo, Stockholm

☆ Volvo’s shares crash to all-time low as China’s Geely cuts stake
▼ + stars: | 2023-11-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in Volvo Cars tumbled as much as 13% Friday to hit a record low after its biggest shareholder Geely sold part of its stake at a discount to the market value. The transaction reduced Geely’s stake in Volvo Cars by just over 4%. Once the sale is completed on November 21, that stake is expected to amount to 78.7%, Geely said in the statement. The attempt to boost the value of Volvo Cars’ stock — which has fallen almost 23% year-to-date — seems to have backfired, at least in the immediate term. The firm’s shares traded down 11% on the day by 10.21 a.m.

Persons: Geely, carmaker, Jim Rowan, Daniel Donghui Li, ” Organizations: London CNN —, Volvo, Volvo Cars Locations: Swedish

☆ The automakers and suppliers pushing to cut rare earths from EVs
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +4 min

1 U.S. automaker says it is "exploring options to limit or potentially eliminate rare earth materials in EV motors." BORGWARNER (BWA.N)The U.S. supplier already has an EV motor in production that has reduced heavy rare earth content. ZF (ZFF.UL)German supplier ZF has developed an EESM EV motor that could be in production in two years. The German premium automaker says it aims to remove heavy rare earth content entirely. EuroGroup Laminations (EGLA.MI) Electric motor component maker EuroGroup Laminations is working on both rare earth free permanent magnet motors and motors with limited rare earth content for automaker customers.

Persons: Darrin Zammit Lupi, Tesla, Stellantis, Zoe, Mercedes, Nick Carey, Sharon Singleton Organizations: REUTERS, BMW, GENERAL MOTORS, Volvo, ROVER, Tata Motors, Renault, RENAULT Renault, NISSAN, Nissan, MERCEDES, BENZ, TOYOTA, Toyota, Volkswagen, U.S, KKR, Thomson Locations: Malta, China, U.S, Niron Magnetics, Niron

☆ Swedish EV maker Polestar trims delivery forecast, halves margin target
▼ + stars: | 2023-11-09 | by ( Abhirup Roy | ) www.reuters.com time to read: +3 min

Nov 8 (Reuters) - Swedish electric vehicle maker Polestar trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty. Polestar, which operates in 27 markets globally, said it would now deliver about 60,000 vehicles this year, down from between 60,000 to 70,000. It had reiterated that forecast just last month after slashing the target in May from the 80,000 it had estimated earlier. The U.S.-listed company, founded by China's Geely and Volvo Cars (VOLCARb.ST), also said it would achieve a gross margin of 2% in 2023, down from its prior 4% forecast. The company said it sees gross margin in the high teens with a total annual volume of about 155,000 to 165,000 vehicles in 2025.

Persons: China's Geely, Johan Malmqvist, Thomas Ingenlath, Tesla's, Elon Musk, Polestar, Abhirup Roy, Rod Nickel, Jamie Freed Organizations: Volvo, Reuters, General Motors, Ford, Revenue, Thomson Locations: Swedish, U.S, San Francisco

☆ Polestar the first EV maker to incorporate StoreDot's fast-charging batteries
▼ + stars: | 2023-11-09 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

Under the terms of the deal the two companies will collaborate on incorporating the fast-charging technology into Polestar vehicles. A prototype will be demonstrated next year, and StoreDot said it hopes Polestar cars using its extreme fast-charging batteries will be on the road by 2027. Polestar CEO Thomas Ingenlath said the collaboration with StoreDot would give EV owners "the ability to recharge in minutes". "What used to be range anxiety in electric vehicles is now transforming to charging anxiety," StoreDot CEO Doron Myersdorf said. Polestar last month said deliveries of electric vehicles (EV) rose 50% in the third quarter from a year earlier but fell 12% from the second quarter.

Persons: Thomas Peter, StoreDot, Thomas Ingenlath, Doron Myersdorf, Myersdorf, Polestar, Steven Scheer, Jan Harvey Organizations: Beijing International Automotive, Auto, REUTERS, Rights, Volvo, BP, Daimler, StoreDot, EV, Reuters, Thomson Locations: Auto China, Beijing, China, Swedish

☆ Polestar cuts its guidance as it retools its business plan for lower EV sales, higher profits
▼ + stars: | 2023-11-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

At the time of its initial public offering last year, Polestar was targeting annual sales of about 290,000 vehicles by the end of 2025. For 2023, Polestar now expects to deliver "approximately 60,000" vehicles, at the low end of its previous guidance range, with a positive gross margin of about 2%. The company had previously guided to deliveries of between 60,000 and 70,000 vehicles in 2023, with a gross margin of 4% for the year. Polestar's gross margin was 1.1% in the first nine months of 2023 and 4.9% in 2022. Production of the Polestar 4, a smaller crossover SUV, will begin in China next week as planned, the company said.

Persons: Polestar, Thomas Ingenlath, Volvo — Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Geely Automobile, Geely, Volvo, Revenue Locations: Shanghai, China, Swedish, United States

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