tldrdailynews.com logo
Tag

Volvo Cars

All articles tagged with #volvo cars

Volvo wins case-by-case U.S. clearance to sell China-linked connected cars
technology7 days ago

Volvo wins case-by-case U.S. clearance to sell China-linked connected cars

Volvo Cars has received a specific authorization from the U.S. Department of Commerce to import and sell connected cars in the United States despite a broader 2027+ ban on software linked to China, with approvals granted on a case-by-case basis under the Securing the Information and Communications Technology and Services Supply Chain rule. The move, tied to Volvo’s governance and data-security commitments and involving a partial stake by Geely, could influence whether other Chinese-owned electric vehicles can enter the U.S. market in coming years.

via Ars Technica|
#china#commerce-department#connected-vehicles
Volvo Wins U.S. Clearance to Import Cars With Chinese Connected Tech
business7 days ago

Volvo Wins U.S. Clearance to Import Cars With Chinese Connected Tech

Volvo Cars won a specific U.S. authorization to continue importing vehicles that use Chinese-developed 'connected technology,' despite Biden-era rules restricting Chinese software in the U.S. market. The approval came after discussions on governance, technology and data security, and supports Volvo’s U.S. growth—including new hybrids built in South Carolina by the end of the decade and XC60 production in SC starting in late 2026—while tariffs previously curtailed Chinese imports.

via CNBC|
#business#connected-car-technology#geely
Volvo to Cut 3,000 Jobs Amid Trade Uncertainty
business1 year ago

Volvo to Cut 3,000 Jobs Amid Trade Uncertainty

Swedish-Chinese car manufacturer Volvo Cars plans to cut around 3,000 white-collar jobs, mainly in Sweden, as part of an 18 billion SEK cost-cutting strategy amid industry challenges like tariffs, slowing sales, and market uncertainties. This follows a broader trend of layoffs in the auto industry, including Nissan and others, as companies adapt to economic pressures and shifting market dynamics, especially in electric vehicle markets.

via BBC|
#business#cost-cutting#electric-vehicles
Volvo's Global Sales Climb 3% in October, Boosted by EV Demand
business1 year ago

Volvo's Global Sales Climb 3% in October, Boosted by EV Demand

Volvo Cars reported a 3% increase in October sales year-on-year, reaching 61,686 vehicles, driven by a significant rise in sales of fully electric and plug-in hybrid models, particularly in Europe where sales surged 21%. Despite declines in the U.S. and China, global sales of electrified models rose 40%, making up 48% of total sales. The company's shares rose 1.3% in early trading, outperforming the Stockholm benchmark index.

via Yahoo Finance|
#business#electric-vehicles#europe-market
business2 years ago

"Volvo Considers Divesting Stake in Polestar Amid Sales Surge"

Volvo Cars has announced that it will stop funding the Polestar electric sports car business, signaling a shift in its electric vehicle strategy. The decision comes as Volvo aims to focus on its own electric vehicle development and production, with plans to launch a new family of electric cars in the coming years. This move reflects Volvo's commitment to expanding its presence in the electric vehicle market and aligning its resources accordingly.

via Financial Times|
#business#electric-sports-car#funding
business2 years ago

Luminar's Q3 2023 Business Update and Financials Revealed

Luminar, a leading global automotive technology company, reported its business update and financial results for Q3 2023. The company successfully passed the production capacity and quality audit with Volvo Cars, marking an inflection point towards profitability. Luminar is driving efficiency gains in free cash flow and gross margin and is on track to achieve its milestone targets for industrialization, product and technology development, and business growth. In Q3, Luminar demonstrated improvement in non-GAAP free cash flow and gross margin, meeting its guidance for non-GAAP EPS. The company maintains a strong balance sheet and expects to reach gross margin profitability by Q4 2023. Luminar also provided adjusted financial guidance for 2023, including revenue growth of around 85% YoY and a reduction in free cash flow spend by approximately 50% by year-end.

via Yahoo Finance|
#automotive-technology#business#financial-results
"Volvo Cars to Utilize Tesla's Superchargers, CEO Explains Exclusion of Autonomous Driving Tech"
automotive2 years ago

"Volvo Cars to Utilize Tesla's Superchargers, CEO Explains Exclusion of Autonomous Driving Tech"

Volvo Cars CEO, Jim Rowan, has stated that the company will not use Tesla's autonomous driving technology and will instead focus on developing its own systems. Volvo Cars had previously announced an agreement with Tesla to give its electric vehicles access to Tesla Superchargers. Rowan emphasized the company's decision to be in full control of its advanced driver assistance systems (ADAS) and autonomous driving software. Volvo Cars aims to have every car it sells fully electric by 2030 and has taken full ownership of Zenseact, a business specializing in AD software. The company reported strong sales performance in electric cars, with fully electric Volvo models accounting for 16% of its total share in the second quarter. Rowan also discussed supply chain challenges, mentioning the normalization of lithium prices and improved semiconductor availability.

via CNBC|
#automotive#autonomous-driving#electric-vehicles