DIRS.INFO The most relevant business & tech news

☆ China's economy is teetering — and these European companies are among the most at risk
▼ + stars: | 2023-08-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Several signals from China this week suggest that European companies with close ties to the world's second-largest economy may face difficulties in the coming months. "BMW has the highest China exposure among European OEMs [original equipment manufacturers] — we prefer a higher US exposure (which Mercedes has). Methodology: Revenue data by geography was available only for 422 out of the 600 companies on the Stoxx Europe 600 index. FactSet data relies primarily on geographical sales data disclosures from companies directly. When this is not available, FactSet applies a proprietary algorithm to estimate the percentage revenue exposure.

Persons: Mercedes, Daniel Schwarz Organizations: JPMorgan, Eurostat, CNBC, Mining, Rio Tinto, UBS, RBC, Porsche, BMW, Volvo Locations: China, China's, Wall Street, Europe, Mining London, American, Swiss

☆ Volvo Cars sales up 21% year-on-year in July
▼ + stars: | 2023-08-03 | 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 PhotoOSLO, Aug 3 (Reuters) - Sweden's Volvo Cars (VOLCARb.ST) on Thursday reported a 21% rise in car sales in July from a year earlier, selling 54,165 vehicles, the company's 11th consecutive month of year-over-year growth. In the first seven months of 2023, Volvo sold 395,856 cars globally, a rise of 18% compared with the same period of 2022, led by soaring demand for fully-electric or plug-in-hybrid models. The manufacturer, which is majority-owned by China's Geely (0175.HK), said it sold 64,764 fully-electric cars year-to-date, up from 23,803 in the year-ago period. Shares in the company were up 0.4% at 0714 GMT, outperforming a 0.5% drop in Stockholm's benchmark index (.OMXS30).

Persons: Yves Herman, China's Geely, Terje Solsvik, Gwladys Organizations: Volvo, REUTERS, HK, Thomson Locations: Brussels, Belgium, OSLO

☆ Volvo Cars will use Tesla's Superchargers but not its autonomous driving tech. Its CEO explains why
▼ + stars: | 2023-07-21 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +1 min

Volvo Cars CEO Jim Rowan photographed in Nov. 2022. Volvo Cars does not plan to use autonomous driving technology from Tesla and will instead focus on developing its own systems, according to the company's CEO. Speaking to CNBC's "Squawk Box Europe" on Thursday morning, Volvo Cars chief Jim Rowan was asked whether this meant the business would consider using Tesla's autonomous driving tech in the future. "And we've chosen that we want to be in full control of our ADAS [advanced driver assistance systems], all the way up to full AD [autonomous driving] software," he added. In a sign of how the company's strategy is taking shape, Volvo Cars announced late last year that it had taken full ownership of Zenseact, a business specializing in AD software.

Persons: Jim Rowan, carmaker, Elon, Tesla, We've, Rowan Organizations: Volvo, Elon Musk's, Volvo Cars Locations: Gothenburg, U.S, Mexico, Canada

STOCKHOLM, July 20 (Reuters) - Sweden-based automaker Volvo Cars (VOLCARb.ST) reported a 54% fall in second-quarter operating earnings on Thursday as the year-ago period's profit was boosted by a one-off gain, and it forecast healthy demand for its vehicles despite pricing pressures. Volvo Cars, majority-owned by China's Geely Holding (GEELY.UL), said earnings before interest and taxes (EBIT) fell to 5.0 billion Swedish crowns ($488.62 million) from a year-ago 10.8 billion. Volvo said its sales performance was driven by improved production output and that it expected supply and demand to continue to normalise in the wider markets. The company added that the normalisation would bring some additional pricing pressures, but that demand for its cars were expected to be healthy despite high interest rates squeezing its customers and overall market. Volvo reiterated its guidance of solid double-digit growth in retail sales for the full year.

Persons: China's Geely, Refinitiv, Marie Mannes, Anna Ringstrom, Jacqueline Wong Organizations: Volvo, China's, Thomson Locations: STOCKHOLM, Sweden, China, Gothenburg

☆ European markets mixed as tech stocks sink 2% on weak U.S. earnings
▼ + stars: | 2023-07-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted on Thursday as investors assessed the implications of some big U.S. corporate results and the start of earnings season at home. The pan-European Stoxx 600 hovered around the flatline in early trade, with tech stocks shedding 2.4% to lead losses on the back of weak U.S. earinings, while mining stocks added 1.4%. Markets in Asia-Pacific were mixed overnight as investors digested a slew of economic data across the region. Japan's Nikkei 225 led losses after the country posted a surprise trade surplus of 43 billion yen ($308 million), its first surplus in 23 months. Stateside, Nasdaq 100 futures slid in after-hours trading Wednesday evening as shares of Netflix sank after the company missed second-quarter earnings expectations.

Persons: Tesla, Elon Musk Organizations: Nikkei, Nasdaq, Netflix, Sweden's Volvo, SAP, France's, Nokia, ABB, Givaudan Locations: Asia, Pacific, Europe, France's Publicis

☆ Volvo Cars June sales up 33% as fully electric car sales quadruple
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Claudia GrecoCOPENHAGEN, July 4 (Reuters) - Sweden-based Volvo Cars (VOLCARb.ST) on Wednesday reported a 33% year-on-year rise in June sales to 66,379 cars, helped by a spike for fully electric cars. The manufacturer, which is majority-owned by China's Geely (0175.HK), said it sold 9,535 fully electric cars in the month, up 346%. "The overall sales increase was driven by the company's fully electric cars which quadrupled compared to the same period last year," it said in a statement. Volvo Cars said its total car sales in biggest market Europe rose 70%. Total car sales in the U.S. were up 53% while in China they decreased.

Persons: Claudia Greco, China's Geely, Louise Breusch Rasmussen, Anna Ringstrom Organizations: Volvo, REUTERS, HK, Thomson Locations: Milan, Italy, Claudia Greco COPENHAGEN, Sweden, Europe, U.S, China

☆ Polestar to adopt Tesla's supercharger network in the US, Canada
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - Swedish electric vehicle (EV) maker Polestar said on Thursday it has signed an agreement with Tesla (TSLA.O) to adopt the EV maker's Supercharger network in the United States and Canada. Starting 2025, new Polestar vehicles sold in North America will be equipped with Tesla's North American Charging Standard (NACS) charging port by default, the company said. The deal comes days after Swedish carmaker Volvo Cars (VOLCARb.ST) said all its electric vehicles (EVs) will have access to Tesla's Supercharger network in the U.S., Canada and Mexico. Tesla's Superchargers account for about 60% of the total number of fast chargers available in the United States, according to the U.S. Department of Energy. Reporting by Tiyashi Datta in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Polestar, Tesla's, Biden, Tiyashi Datta, Pooja Desai Organizations: Tesla, Volvo, General Motors, Rivian Automotive Inc, CCS, U.S . Department of Energy, Thomson Locations: Swedish, United States, Canada, North America, U.S, Mexico, California, Bengaluru

☆ Polestar is the latest EV maker to announce a move to Tesla's North American charging standard
▼ + stars: | 2023-06-29 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Polestar owners in North America will have access to Tesla's charging network starting next year. New Polestar vehicles sold in North America will come standard with the Tesla-designed North American Charging Standard, or NACS, plug starting in 2025. Most non-Tesla EVs and charging stations in North America use a plug design called CCS, which stands for Combined Charging System. Tesla EVs can use CCS chargers with an adapter, but currently only Tesla EVs can use Tesla chargers. Tesla's plug design was proprietary until November, when the company published the technical details of its system and made it available to other automakers and makers of EV chargers.

Persons: Polestar, Tesla, Thomas Ingenlath Organizations: North America, Volvo, Ford Motor, General Motors, CCS, SAE International Locations: North America, Swedish, North

June 27 (Reuters) - Tesla's (TSLA.O) electric-vehicle charging technology is being put on a fast track to become a North American standard, giving a further boost to the automaker's plan to expand access to its once-exclusive chargers. Tesla's charging technology has been gathering momentum for weeks. Volvo Car (VOLCARb.ST) on Tuesday joined General Motors (GM.N), Ford (F.N) and Rivian (RIVN.O) in embracing Tesla's charging design, shunning earlier efforts by the Biden administration to make the Combined Charging System (CCS) the dominant charging standard in the United States. Tesla calls its technology "the North American Charging Standard (NACS)," but it has yet to be approved as a standard by SAE International. Building out the public charging network will require between $33 billion and $55 billion of cumulative public and private capital investment, according to the NREL study.

Persons: Biden, Tesla, Frank Menchaca, It's, Ali Zaidi, Hyunjoo Jin, Trevor Hunnicutt, Peter Henderson, Matthew Lewis Organizations: Volvo, Tuesday, General Motors, Ford, SAE, GM, Sustainable Mobility, SAE International, Reuters, American, National Renewable Energy Laboratory, Biden, White, CCS, Thomson Locations: American, United States, Texas, Washington, San Francisco

☆ Volvo just became the latest EV maker to move to Tesla's charging standard
▼ + stars: | 2023-06-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Volvo will add the locations of Tesla charging stations to its proprietary app at the same time. Most non-Tesla EVs and charging stations in the U.S. use a rival plug design, the public-domain Combined Charging System standard. Tesla's NACS charging plug design was proprietary until late last year, when Tesla published the technical details of its system and said anyone could adopt the standard. Several studies have found that CCS charging networks have much lower reliability than Tesla's network. In addition, the CCS fast-charging plug is larger and heavier than Tesla's NACS plug, making it cumbersome for older or disabled drivers to use.

Persons: Volvo's, Tesla, Jim Rowan Organizations: Volvo Cars, North America, Tesla, American, Ford Motor, General Motors, Hyundai, Chrysler, Volvo, Detroit automakers, CCS, ABB Locations: U.S, Swedish, North, North America

☆ Volvo EVs to now have access to Tesla superchargers
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - Swedish carmaker Volvo Cars (VOLCARb.ST) said on Tuesday it had signed an agreement with Tesla (TSLA.O) to give its electric vehicles (EVs) access to the EV maker's Supercharger network in the United States, Canada and Mexico. The deal makes Volvo the first European automaker to adopt Tesla's North American Charging Standard (NACS), adding to the slew of EV makers and charging equipment manufacturers taking up the technology. Tesla's Superchargers account for about 60% of the total fast chargers available in the United States, according to the U.S. Department of Energy. Its recent deals represent major strides in displacing rival standard CCS that earlier exclusively had the backing of President Joe Biden's administration. The government is offering $7.5 billion in funding to speed the deployment of EV chargers in the United States.

Persons: Joe Biden's, Akash Sriram, Maju Samuel Organizations: Volvo, Tesla, EV, Rivian Automotive Inc, General Motors, U.S . Department of Energy, Thomson Locations: Swedish, United States, Canada, Mexico, California, Bengaluru

☆ 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

☆ In the battle for EV dominance in Europe, Bernstein picks 7 winners
▼ + stars: | 2023-06-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Chinese electric vehicle (EV) manufacturers are making a push into Europe and could take market share away from established U.S. and local brands, according to Bernstein. European brands have already seceded 20% of market share to Japanese and South Korean carmakers over the past two decades, according to IHS. Using what it described as conservative estimates, Bernstein predicted that Chinese automakers will hold less than 5% market share by 2030. In an accelerated scenario, where both Tesla and Chinese brands capture significant market share, incumbents could lose up to 20%," the bank's analysts wrote. Roeska noted that despite the fact that Chinese-owned European brands such as MG, Volvo, and Polestar currently account for 8% of the region's EV market, long-term dominance can only be sustainable through local production.

Persons: Bernstein, Tesla, Daniel Roeska, Roeska, Polestar, Aston Martin Organizations: IHS, Renault, EV, Volvo Car, Volvo, Benz Locations: Europe, Korean, U.S

☆ 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.

Search resuls for: "Volvo Car"

25 mentions found