Tag: Volvo

Factbox: Auto industry consolidation – mega-mergers and alliances

FRANKFURT (Reuters) – Italian-American carmaker Fiat Chrysler on Monday proposed a merger of equals with France’s Renault in a deal that could create the world’s third-biggest carmaker and trigger a fresh round of industry consolidation. FILE PHOTO: The logo of French car manufacturer Renault is seen at a dealership of the company in Illkirch-Graffenstaden near… Continue reading Factbox: Auto industry consolidation – mega-mergers and alliances

BMW Shareholders Concerned Over Tesla’s Advantage

Shareholders are asking BMW about electric models that would blow Tesla out of the water. Premium car manufacturers in general are experiencing tough times with difficulties to increase sales and raising R&D costs due new trends like electrified, autonomous and connected cars. According to automotive analysts, current business model of premium/luxury brands needs to be… Continue reading BMW Shareholders Concerned Over Tesla’s Advantage

Dealers unhappy about return on investment in EV training

Dealers are unhappy about the return on investment they are making in equipment training for EV and plug in vehicles. That’s one of the key findings of the second NFDA Electric Vehicle Dealer Attitude Survey.  When asked about their satisfaction with return on investment in equipment training for EV and plug-in vehicles, retailers gave the… Continue reading Dealers unhappy about return on investment in EV training

BMW CEO’s future in doubt as tensions erupt on tackling shift to EVs

BMW AG chief executive officer Harald Krueger’s job is hanging in the balance as the luxury carmaker steers towards a future of electric and autonomous vehicles and navigates weakening markets.BMW – like other carmakers – is making a costly transition to electric cars and new business models, and is confronting deep-pocketed tech competitors encroaching with new mobility options including ride hailing.Daimler, Toyota Motor Corp and Volvo Cars, meanwhile, have forged partnerships with Uber Technologies Inc, while Jaguar Land Rover is teaming up on self-driving electric cars with Alphabet Inc’s autonomous vehicle unit Waymo.

UPDATE 1-Uber and Lyft to turn the wheels on car ownership -industry experts

TORONTO (Reuters) – Ride-hailing apps like those of Uber Technologies and Lyft Inc are expected to alter the state of car ownership towards subscription-based services and shared ownership, auto industry experts said at a conference on Wednesday. FILE PHOTO: The Logo of taxi company Uber is seen on the roof of a private hire taxi… Continue reading UPDATE 1-Uber and Lyft to turn the wheels on car ownership -industry experts

A major Chinese automaker postpones its US launch as trade war drags on

Daniel Acker | Bloomberg | Getty ImagesGAC Motor, one of China's largest carmakers, has postponed its launch in the U.S. because of the ongoing trade war between the world's two-largest economies, a company executive said Tuesday.
The automaker, headquartered in Guangzhou in southern China, said its entrance into the U.S., which was anticipated for this year, will be postponed.
“The current relationship between the U.S. and China, the trade war, the relationship is uncertain” said Hebin Zeng, president of international at GAC Motor. “We postponed the plan to enter the North American market.”
Zeng declined to give a specific timeline on when GAC could enter the U.S.
“In terms of when we will go into the market, we will have further discussions depending on the changes of circumstances,” he said.
Geely is the only Chinese carmaker that sells in the U.S. through the Volvo Car brand that it owns.
GAC has been expanding into several international markets, particularly in the Middle East.

VW truck brand to invest $344 mln in Brazil after Ford exit

FILE PHOTO: The logo of Swedish truck maker Scania is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo SAO PAULO (Reuters) – Volkswagen AG truck brand Scania said on Tuesday it will invest 1.4 billion reais ($344.14 million) to modernize its Brazilian factory in Sao Bernardo do Campo, an… Continue reading VW truck brand to invest $344 mln in Brazil after Ford exit

Volvo announces battery suppliers for upcoming EV lineup, including Polestar

Polestar 2
Volvo, one of the first automakers to announce it would add electric power to its whole lineup, on Wednesday took the unusual step of formally announcing who will supply the batteries for all those electric cars.

The company stated that it will source $1 billion worth of lithium-ion batteries from two suppliers, LG Chem and Contemporary Amex Technology (CATL).

READ MORE: Polestar will qualify for $7,500 electric-car credit separately from Volvo

While the supply contract with Chinese CATL may have been predictable (Volvo is owned by Chinese automaker Geely, and CATL is one of the biggest players on the global stage). As competition for battery supplies heats up among automakers, it's also logical to name two suppliers. LG Chem supplies batteries for Volvo's current plug-in hybrids.

“With today’s agreement we effectively secured our battery supply for the upcoming decade,” said Martina Buchhauser, senior vice president for procurement at Volvo Cars in a statement. “By having two suppliers available in each region we also ensure that we have flexibility in our supply chain going forward.”

DON'T MISS: Volvo’s US Polestar electric-car plans are in flux over China tariffs

The batteries will go into Volvos based on two of the company's platforms: The Compact Modular Architecture that underpins the Polestar 2 and the Volvo XC40, will be the first. Those are the first two electric models from the company, with online preorders for the Polestar 2 already open and deliveries expected to begin next year. The XC40 electric is expected to debut late this year with deliveries following the Polestar 2.

Beyond that, Volvo's Scalable Product Architecture 2 that underpins the XC90 and XC60 SUVs will get the new batteries sometime after 2020.

CHECK OUT: Volvo taking on Tesla with Chinese-built Polestar 2 electric car: details and photos

The company is building its first battery assembly line at its existing auto factory in Ghent, Belgium. Volvo has said fully-electric cars will account for 50 percent of its sales by 2025. Volvo also announced that it is opening a new electric-car engineering center for Polestar in Coventry, England, to take advantage of engineering expertise there, the company said.

“The future of Volvo Cars is electric, and we are firmly committed to moving beyond the internal combustion engine,” said Volvo Cars CEO Håkan Samuelsson in a statement. “Today’s agreements with CATL and LG Chem demonstrate how we will reach our ambitious electrification targets.”