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☆ 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

☆ Volvo Cars' sales of fully electric vehicles jump in October
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Nov 3 (Reuters) - Volvo Cars' (VOLCARb.ST) sales in October grew 10% from a year earlier to 59,861 cars as fully electric car sales jumped but hybrid models fell, the Sweden-based group said on Friday. Volvo Cars said in a statement sales of fully electric cars rose 29% to account for 18% of all its cars sold in the month. Sales of hybrid cars, however, fell 8%. In total, all recharge models were up 7% to account for 36% of total sales. Volvo Cars said on Friday that sales in the biggest market Europe were up 13% in October.

Persons: China's Geely, Yves Herman, Jim Rowan, BEV, EVs, Anna Ringstrom, Terje Solsvik, Jacqueline Wong Organizations: Volvo, China's, HK, REUTERS, Motors, Ford, Volkswagen, Thomson Locations: STOCKHOLM, Sweden, Brussels, Belgium, Europe, U.S, China

☆ Volvo Cars CEO strikes cautious tone on solid-state battery technology
▼ + stars: | 2023-10-27 | by ( Anmar Frangoul | ) www.cnbc.com time to read: 1 min

The CEO of Volvo Cars is bullish about the long-term potential of electric motors, but appears more cautious on solid-state batteries — technology that's generated much hype around its potential to transform the performance of EVs. Speaking to CNBC's Squawk Box Europe on Thursday morning, Jim Rowan said electric motors were seeing "massive improvements." However, on solid-state batteries he said: "My personal opinion is that solid-state is still some years off, but of course we're involved in the research and development around that." "But I think there's many more incremental benefits that we're going to see with the current electrical propulsion systems, that [are] … just going to continue to drive performance," Rowan added.

Persons: Jim Rowan, Rowan Organizations: Volvo

☆ Investors deliver harshest punishment for earnings warnings in 16 years
▼ + stars: | 2023-10-27 | by ( Lucy Raitano | ) www.reuters.com time to read: +4 min

Barclays (BARC.L), a big UK lender, fell as much as 8% after signalling major cost cuts because of weakness on its home turf. Mark Denham, head of European equities at Carmignac, said high quality companies with high valuations tend to be very vulnerable if they miss earnings. According to Kasper Elmgreen, CIO at Nordea Asset Management, the fact that the economy is now starting to slow is one factor behind investors' harsh treatment of earnings disappointments. Amid the volatility, some investors see a buying opportunity in overly punished stocks. It is an example of a highly valued stock being extra punished for the environment," Denham said.

Persons: Morgan Stanley, Angelo Meda, Mark Denham, Denham, Kasper Elmgreen, Elmgreen, Fabio Di Giansante, Carmignac's Denham, Danilo Masoni, Alun John, Joice Alves, Amanda Cooper, Hugh Lawson Organizations: Sanofi, Barclays, Banor SIM, Siemens Energy, Volkswagen, Volvo, Asset Management, Euroland Equity, pharma, Thomson Locations: Milan, Swiss, London

☆ Volvo Cars' promise of EV boom falls on deaf ears as shares drop 12%
▼ + stars: | 2023-10-26 | 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

As the company reported third-quarter earnings, Chief Executive Jim Rowan told Reuters that he saw healthy demand for its cars, and was optimistic the margins would increase further in the fourth quarter. Volvo's BEV margins were 9% in the quarter, a sharp increase from the previous quarter's figure of 3%. Rowan said he expected the trend of falling prices of raw materials to continue, helping the company increase margins further for the fourth quarter. Investors proved unconvinced, as Volvo shares, down 10% by 1014 GMT, after having fallen as much as 12%, looked set for their biggest ever one-day drop. EV makers have engaged in stiff competition this year, after Tesla ignited a price war intensified by new Chinese players.

Persons: Aly, Jim Rowan, EVs, BEV, Rowan, Jefferies, Philippe Houchois, Houchois, Tesla, China's Geely, Marie Mannes, Greta Rosen Fondahn, Terje Solsvik, Clarence Fernandez Organizations: Volvo, Auto Shanghai, REUTERS, Rights, Reuters, Benz, Motors, Ford, Volkswagen, China's, Thomson Locations: Shanghai, China, Rights STOCKHOLM, EVs

☆ European stocks open lower as earnings roll in; Standard Chartered plunges 10%; ECB set to hold rates
▼ + stars: | 2023-10-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Auto stocks plunged 3.45% as results disappointed, while travel stocks traded 1.7% lower. European stock markets opened sharply lower Thursday as attention remains on third-quarter earnings and government bond yields. Results are out from a slew of companies including Standard Chartered, BNP Paribas, TotalEnergies, Volvo Cars, Novozymes, Volkswagen, Carrefour, Saab and Wacker Chemie. Meanwhile, monetary policy decisions are due from the European Central Bank — for which markets have priced in a more than 98% likelihood of a hold in interest rates — and the central bank of Turkey, from which economists polled by Reuters anticipate a 500 basis point hike to 35%. The benchmark 10-year Japanese government bond yield hit a fresh 10-year high ahead of a central bank meeting next week, according to Reuters data.

Organizations: Chartered, Standard Chartered, BNP, TotalEnergies, Volvo, Volkswagen, Carrefour, Saab, Wacker Chemie, Investors, Facebook, Meta, European Central Bank —, Reuters, Treasury Locations: London, Turkey, Asia, Pacific

☆ Nestle, Volvo among 130 companies urging COP28 agreement to ditch fossil fuels
▼ + stars: | 2023-10-23 | by ( Tommy Wilkes | ) www.reuters.com time to read: +2 min

LONDON, Oct 23 (Reuters) - Companies including Nestle (NESN.S), Unilever (ULVR.L), Mahindra Group and Volvo Cars are urging political leaders to agree a timeline at the upcoming U.N. climate summit to phase out fossil fuels. "Our businesses are feeling the impacts and cost of increasing extreme weather events resulting from climate change," the companies wrote in the letter, which was coordinated by the non-profit We Mean Business Coalition, which is pushing for greater climate action globally. "To decarbonise the global energy system, we need to ramp up clean energy as fast as we phase out the use and production of fossil fuels," they wrote. The speed at which countries should phase out fossil fuels will be one of the thorniest issues. Reporting by Tommy Reggiori Wilkes; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: COP28, Tommy Reggiori Wilkes, Emelia Sithole Organizations: Companies, Nestle, Unilever, Mahindra Group, Volvo, Business Coalition, Bayer, Heineken, IKEA, Thomson Locations: Dubai, Paris, Europe

China's decision may escalate trade disputes globally and spur other countries to prioritize research into alternative sources and materials, industry executives said. "We see China's move as a potential catalyst to highlight the urgency of improving (U.S.) graphite supply," said John DeMaio, president of Graphex Group's (6128.HK) graphene division. It has graphite supply deals with Syrah Resources (SYR.AX) and is looking for other sources, DeMaio said. Synthetic graphite could account for nearly two-thirds of the EV battery anode market by 2025, Benchmark Mineral Intelligence estimates. Chief Operating Officer Hans Erik Vatne told Reuters recently that developing synthetic graphite production is costly, but that is the price to pay to reduce reliance on China.

Persons: Fabian Bimmer, John DeMaio, Graphex Group's, DeMaio, Tesla, Hans Erik Vatne, Rob Anstey, Alvin Liu, Akash Sriram, Ernest SCheyder, Nick Carey, Christina Amann, Marie Mannes, Gilles Guillaume, Ilona Wissenbach, Ben Klayman, Josie Kao Organizations: Volkswagen, REUTERS, Syrah Resources, Magnis Energy Technologies, Mineral Intelligence, Reuters, EVs, BMO Capital Markets, BMW, Volvo, Renault, General Motors, Ford, Thomson Locations: Salzgitter, Germany, China, Warren , Michigan, West, U.S, Europe, Oslo, Norway, Bengaluru, Houston, London, Berlin, Stockholm, Paris, Frankfurt

DETROIT (AP) — Owners of Toyota and Lexus electric vehicles in North America will be able to charge on Tesla's network starting in 2025, and the Japanese automaker also will start using Tesla's EV connector. In a statement Thursday, Toyota says it will adopt Tesla's North American Charging Standard plug in a little over a year. The announcement comes just after Hyundai, Kia and BMW made similar announcements for their electric vehicles. In June SAE International, formerly the Society of Automotive Engineers, said that it would set performance standards for Tesla’s electric vehicle charging cords. Volvo Cars has also signed a deal with Tesla to join its charging network.

Persons: Rivian, Tesla Organizations: DETROIT, Toyota, Lexus, Tesla, EV, Hyundai, Kia, BMW, SAE International, Society of Automotive Engineers, U.S, Ford, General Motors, Volvo Locations: North America, U.S

New York CNN —The United Auto Workers (UAW) says its members have voted to reject a tentative agreement with Mack Trucks and will go on strike Monday. Stephen Roy, president of Mack Trucks, was quoted by Reuters as saying he was “surprised and disappointed” that the union had chosen to strike. CNN has reached out to Mack Trucks for comment. Mack Trucks is one of the major US makers of heavy duty and medium duty trucks, with deliveries of 27,000 in 2022 and 16,000 for the first half of 2023. Rejecting dealsIt has become more common in recent years for rank-and-file union members to vote down tentative labor agreements reached by their union leadership.

Persons: Mack Trucks, “ I’m, Mack, Shawn Fain, Stephen Roy, ”, China’s Geely, Fain, Joe Biden, John Deere Organizations: New, New York CNN, United Auto Workers, UAW, Twitter, Reuters, International UAW, UAW Mack Truck Council, CNN, Sweden’s Volvo Group, Volvo, Big Three, —, Motors, Ford, Jeep, Dodge, Chrysler, FedEx, Mack, Cornell University School of Industrial and Labor Relations, Kaiser Permanente Locations: New York

☆ Volvo Cars September sales rise 25%, demand up in China
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Aly Song/File Photo Acquire Licensing RightsSTOCKHOLM, Oct 5 (Reuters) - Volvo Cars' (VOLCARb.ST) sales rose 25% in September from a year earlier to 61,666 cars as sales grew in China as well as in the U.S. and Europe, the Sweden-based group said on Thursday. In August, the group's total sales were up 18% on the back of increased demand in Europe and the U.S. while sales fell in China. Sales of fully electric cars were up 52% to account for 15% of all its cars sold in the month. All recharge models - also including hybrid cars - grew 37% to account for 34% of total sales. Shares in Volvo Cars, which targets double-digit retail sales growth for the full year, were up 2% in early trade.

Persons: Aly, China's Geely, Anna Ringstrom, Essi Organizations: Volvo, Auto Shanghai, REUTERS, Rights, China's, HK, Thomson Locations: Shanghai, China, Rights STOCKHOLM, U.S, Europe, Sweden

New York CNN —An 11th-hour tentative contract agreement reached between Mack Trucks and the United Auto Workers union late Sunday narrowly averted a strike by 3,900 employees at the company. There are other UAW members on strike elsewhere also receiving the same strike benefit, including more than 1,000 members on strike at Blue Cross Blue Shield of Michigan. It last struck Mack Trucks in October of 2019, just after a six-week strike at GM. The walkouts began on September 15 and have since expanded to include more than 25,000 union members across the three companies. Mack Trucks is one of the major US makers of heavy duty and medium duty trucks, with deliveries of 27,000 in 2022, and 16,000 in for the first half of 2023.

Persons: Mack Trucks, Mack, China’s Geely Organizations: New, New York CNN, United Auto Workers, Sunday, ” UAW, Twitter, Big Three, UAW, of Michigan, Mack, GM, General Motors, Ford, Sweden’s Volvo Group, Volvo Locations: New York, Pennsylvania , Maryland, Florida

☆ Police fined a car owner after a speed camera appeared to show a dog behind the wheel
▼ + stars: | 2023-09-30 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

A photograph taken by a speed camera in Slovakia appeared to show a dog behind the wheel of a car. Police said the vehicle owner claimed that his dog had suddenly jumped onto his lap. AdvertisementAdvertisementPolice in Slovakia have fined the owner of a car after a speed camera appeared to show a dog behind the wheel. The image captured by a speed camera appears to show only a dog in the driver's seat. AdvertisementAdvertisementA 31-year-old man, who was actually driving the vehicle, claimed that his dog had suddenly leapt onto his lap, according to the police.

Persons: —, hadn't Organizations: Police, Service, Facebook, USA Locations: Slovakia, Šterusy

The first phase of the construction of the Northvolt Six factory just outside Montreal will begin this year and it is expected to be operational in 2026. Northvolt will invest $3.2 billion of the total with the local and federal government each contributing $1 billion, Northvolt Co-Founder Paolo Cerruti told Reuters. "We looked at 70 different sites at the beginning of this process," Cerruti said. The $369-billion U.S. Inflation Reduction Act (IRA) passed last year has prompted companies including Northvolt to look across the Atlantic, attracted by hefty subsidies and cheaper energy. "This size of investment and project can not happen if you don't have an anchor customer," he said.

Persons: Northvolt, Paolo Cerruti, Cerruti, Supantha Mukherjee, Divya Rajagopal, Kirsten Donovan Organizations: Reuters, Northvolt, Canada, Ontario, BMW, RIC, Volvo, Thomson Locations: STOCKHOLM, TORONTO, Swedish, Quebec, Canadian, Montreal, Northvolt North America, United States, Canada, Scania, North America, Stockholm, Toronto

The UK goal was ahead of the 2035 ban in the European Union, where most British-made cars are sold. "The timing sends the message that things can change again, making it difficult for companies to manage their investment strategies." Under the new mandate that the government could make public as early as this week, the 80% 2030 electric target should remain - with the other 20% a mixture of fossil fuel models and hybrids until 2035. "In Britain, there's no industrial strategy, no intent for industrial strategy and no desire for an industrial strategy," Palmer said. "The UK (fossil fuel ban) delay is not a good sign in terms of stability, but they have realigned with EU regulation," said Denis Schemoul, director of European vehicle forecasting at S&P Global Mobility.

Persons: Rishi Sunak, Christopher Furlong, Boris Johnson, Sunak, it's, Philip Nothard, ZEV, Andy Leyland, Adrian Keen, Keen, Andy Palmer, Aston Martin, Palmer, Denis Schemoul, Nick Carey, Barbara Lewis Organizations: Britain's, Rover, Industry, Union, EV, European Union, Cox Automotive, Volvo, Ford, EU, P Global Mobility, Thomson Locations: Warwick , England, British, Britain, EVs, Europe, Spain

☆ Volvo to end diesel car production by early 2024
▼ + stars: | 2023-09-19 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

Volvo reveals their new Volvo EX30 fully-electric small SUV vehicle during an event in Milan, Italy June 7, 2023. REUTERS/Claudia Greco/File Photo Acquire Licensing RightsLONDON, Sept 19 (Reuters) - Volvo Cars (VOLCARb.ST) said on Tuesday that it will end production of any remaining diesel models by early 2024 as it heads towards becoming an all-electric carmaker. "In a few months from now, the last diesel-powered Volvo car will have been built, making Volvo Cars one of the first legacy car makers to take this step," the Swedish company said in a statement. Sales of diesel models have declined rapidly in Europe since Volkswagen's (VOWG_p.DE) emission-cheating scandal and carmakers have been gradually reducing the number of diesel models available in their model lineups. Diesel vehicles comprised more than 50% of Europe's new car sales in 2015, but accounted for just over 14% of sales in July.

Persons: Claudia Greco, China's Geely, Nick Carey, Louise Heavens Organizations: Volvo, REUTERS, HK, Diesel, Thomson Locations: Milan, Italy, Swedish, Europe

☆ EV charging needs big improvements soon if the auto industry's transition is going to work
▼ + stars: | 2023-09-19 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +11 min

Simply put, America's patchwork of CCS chargers offers spotty coverage, hard-to-use devices, and, too often, chargers that are broken. Not to mention, there are fewer than 12,000 CCS fast chargers across the U.S. today. Opening up the Tesla charging network to our customers, that's about them and it scales very quickly for them. watch nowThe broad uptake of Tesla's charging tech is generally good news. What's more, Tesla's chargers all work the same way, whereas CCS chargers from rival companies may have very different procedures.

Persons: Mark Blinch, Reuters There's, General Motors, it's, Joe Biden, Tesla, Justin Sullivan, JD Power, Brent Gruber, Ford, John Lawler, Lawler, We're, Elon Musk, EVgo Organizations: Benz, Canadian, Reuters, Ford Motor, General, Volkswagen, Cox Automotive, Consumer, Energy, Institute, University of Chicago, Associated Press, NORC, for Public Affairs Research, United Auto Workers, EV, Public, U.S . Department of Energy, —, Detroit, CCS, University of California, JD, Ford EV, Ford, GM, Volvo, Mercedes, SAE International, ABB Locations: Toronto , Ontario, Canada, U.S, San Rafael , California, Berkeley, Bay, Swiss

“Global markets are now flooded with cheaper Chinese electric cars, and their price is kept artificially low by huge state subsidies. This is distorting our market,” European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France. “As we do not accept this distortion from the inside in our market, we do not accept this from the outside,” von der Leyen said. “So, I can announce today that the commission is launching an anti-subsidy investigation into electric vehicles coming from China.”China’s leaders have helped make the country the biggest market for electric vehicles by investing billions of dollars in subsidies to get an early lead in what is seen as a promising industry. We must defend ourselves against unfair practices,” von der Leyen said.

Persons: Ursula von der Leyen, ” von der Leyen, ”, Geely Organizations: “, Global, BYD, Volvo Locations: BRUSSELS, China, Strasbourg, France, Japan, Europe, “ Europe

☆ Lotus launches electric GT model as mass expansion plan rolls on
▼ + stars: | 2023-09-07 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

[1/4] British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S., September 7, 2023. Johnstone said with Emeya, Lotus is targeting people "looking for something different in an electrified GT-style sports car." Since its founding in 1948, Lotus typically made 5,000 cars a year, but funded by Geely and Etika, the company has planned a massive expansion. Lotus Technology, which includes Lotus Cars, is also due to go public this year via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp (LCAA.O). Geely also plans to turn the London Electric Vehicle Company, which makes iconic black taxis, into a high-volume, all-electric brand.

Persons: Caitlin Ochs, Mike Johnstone, Johnstone, Emeya, Geely, Nick Carey, Susan Fenton Organizations: Lotus, REUTERS, HK, Automotive, Reuters, Geely, Lotus Technology, Asia, Corp, Volvo, London Electric Vehicle Company, Thomson Locations: British, New York City, U.S, New York, Wuhan, China, Tesla

☆ Volvo Cars August sales up 18%, lifted by US, Europe
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

An employee at a Volvo car dealer, wearing a protective mask is seen in the showroom, amid the coronavirus disease (COVID-19) outbreak in Brussels, Belgium May 28, 2020. REUTERS/Yves Herman/File Photo Acquire Licensing RightsHELSINKI, Sept 4 (Reuters) - Sweden's Volvo Cars (VOLCARb.ST) on Monday reported an 18% rise in monthly car sales for August compared to last year, propelled by European and U.S. demand. The carmaker sold 51,636 cars in August, out of which 33% were fully electric or plug-in hybrid, Volvo Cars added. European sales rose 46% from the same month last year to 16,051 cars, while U.S sales rose 31% to 10,644 cars, Volvo said in a statement. Volvo Cars is majority owned by China's Geely (0175.HK).

Persons: Yves Herman, China's Geely, Essi Lehto, Terje Solsvik Organizations: Volvo, REUTERS, Rights, European, HK, Thomson Locations: Brussels, Belgium, U.S, China

☆ Exclusive: China's Gotion buys 25% stake in Slovak EV battery startup Inobat
▼ + stars: | 2023-09-01 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, Sept 1 (Reuters) - Chinese battery maker Gotion High Tech (002074.SZ) is buying a 25% stake in Slovak battery maker Inobat and will provide supply chain and technology support as the startup scales up production of electric vehicle batteries, the companies said on Thursday. Inobat said the investment will provide it access to Gotion's research and development, as well as to the Chinese battery maker's raw materials including lithium, and to cell production and recycling capabilities. Gotion said last year that it plans to locate one third of its production capacity outside China by 2025 to meet growing demand from EV makers and energy storage clients. The Chinese battery maker is building a $2.36 billion plant in Michigan and is looking at setting up an EV battery plant in Morocco with a potential investment of up to $6.3 billion. Inobat has signed declarations of intent with the governments of Spain and Serbia to build EV battery plants, though those agreements are not final.

Persons: Inobat, Li Zhen, Northvolt, Gotion, Nick Carey, Simon Cameron, Moore Organizations: Gotion High Tech, Gotion, Volkswagen, Volvo, Reuters, BlackRock, EV, Thomson Locations: Europe, North America, China, Michigan, Morocco, Spain, Serbia

☆ Swedish EV maker Polestar's loss narrows as supply chain snags ease
▼ + stars: | 2023-08-31 | 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

STOCKHOLM, Aug 31 (Reuters) - Swedish electric vehicle (EV) maker Polestar's operating loss narrowed in the second quarter as the auto industry slowly recovers from pandemic-related supply chain bottlenecks. Delayed production starts, job cuts and mounting competition from new Chinese rivals have meant a tough year for the company. While some have cut prices to boost demand from consumers grappling with higher living costs, Polestar has maintained its premium pricing. The company posted a net loss per share of $0.14 in the quarter, compared with $0.12 a year ago. Cash and cash equivalents at the end of the quarter were $1.06 billion, compared with $884.3 million in the preceding three-month period.

Persons: China's Geely, Polestar, Thomas Peter Acquire, Thomas Ingenlath, Marie, Arsheeya, Alexander Smith, Mark Potter Organizations: Volvo, Beijing International Automotive, Auto, REUTERS, Reuters, U.S, Marie Mannes, Thomson Locations: STOCKHOLM, Swedish, Auto China, Beijing, China, Stockholm, Bangalore

☆ Polestar second-quarter loss widens as it ramps up EV deliveries
▼ + stars: | 2023-08-31 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

The Polestar 3 SUV, originally expected late this year, has been pushed into early 2024 because of delays with its Volvo-developed software. Revenue for the second quarter jumped to $685.2 million from $589.1 million during the same quarter last year. Polestar delivered 15,765 vehicles in the second quarter, up 36% from a year earlier, and a total of 27,841 vehicles in the first half of 2023. Polestar had $1.06 billion in cash and equivalents as of the end of the second quarter, versus $884.3 million as of Mar. "We achieved record volume growth during the second quarter," CEO Thomas Ingenlath said in a statement.

Persons: Polestar, Thomas Ingenlath Organizations: Volvo, Revenue Locations: Swedish, Polestar's, Mar, Wednesday's, China

Leading the round alongside BlackRock, the world's biggest asset manager, were Canada Pension Plan, Ontario Municipal Employees Retirement System and, as previously reported, pension investor Investment Management Corporation of Ontario. The fresh funds will help the firm expand its factory footprint, Hartman said. Separately, Northvolt has assembled its first energy storage system products in Poland and expects to start customer deliveries from later this year. "We have a business plan... we always want to make sure we have access to the markets," Hartman said. Reuters has previously reported, citing sources, that Northvolt was preparing for an initial public offering that could value the company at more than $20 billion.

Persons: Helena Soderpalm, IMCO, Northvolt, Alexander Hartman, Goldman Sachs, Baillie Gifford, Swedbank, Singapore's, Chow, Hartman, Supantha Mukherjee, Simon Jessop, Mark Potter Organizations: REUTERS, BlackRock, Reuters, Management Corporation of Ontario, Volkswagen, Chow Tai Fook Enterprises, BMW, Volvo, Thomson Locations: Vasteras, Sweden, BlackRock, Canada, STOCKHOLM, LONDON, Swedish, Europe, North America, Ontario, Hong Kong, Germany, United States, Scania, Poland, Stockholm, London

☆ Automakers are finally embracing lidar sensors. A few startups look like market-share winners
▼ + stars: | 2023-08-18 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +6 min

In this article INVZLAZROUSTINVZLAZROUST Follow your favorite stocks CREATE FREE ACCOUNTA Hesai lidar sensor on top of a vehicle in Shenzhen, China, July 10, 2022. Jade Gao | AFP | Getty ImagesFor investors in lidar startups, this has been a long time coming. After years of talk — and a SPAC boom in the sensor sector — automakers have finally started incorporating lidar units into their vehicles. Lidar, short for light detection and ranging, is a sensor technology that uses invisible lasers to create a detailed 3D map of the sensor's surroundings. Playing into investors' intense interest in self-driving technology, many lidar startups went public via mergers with special purpose acquisition companies, or SPACs, over the last few years.

Persons: LAZR, INVZ LAZR, Jade Gao, They're, Luminar, —, Omer Keilaf, Keilaf, Innoviz, Austin Russell, Russell, we'll, Tom Fennimore Organizations: AFP, Getty, BMW, Volkswagen, Refinitiv, Volvo, Polestar, Benz, Luminar Technologies, Bloomberg Locations: Shenzhen, China, Germany, U.S, SPACs, Orlando , Florida

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