Volvo Cars* (VOLCAR B:STO) today posted a core operating profit (EBIT), excluding joint ventures and associates, of SEK 5.7 billion for Q3 2024, compared to SEK 6.1B for Q3 2023. Gross margins at 20.5% for the third quarter were “in line with the company’s underlying operational gross margins for the first half of 2024.” Revenues for the period amounted to SEK 93 billion and the core EBIT margin was 6.2%. Free cash flow was flat at SEK -0.4 billion. In September of 2024, Volvo Cars said it aims to outgrow the premium car market* and generate a core EBIT margin of 7-8%, as well as strong free cash flows from 2026 onward. It also said that it was scrapping its goal of becoming fully electric by 2030, scaling back its target to between 90% and 100%.
“However, achieving these ambitions will not be straightforward since the weakness in the market has recently accelerated – a fact also echoed in revised industry forecasts for 2024 and 2025 by third-party analysts. Overall industry demand continues to soften and is now affecting the premium segment. Our journey towards 2026 will not be linear, as our industry is facing an increasingly volatile environment,” said Jim Rowan, chief executive for Volvo Cars. “Macroeconomic headwinds are intensifying, as is geopolitical complexity. Despite these challenges we demonstrated resilience during the third quarter of 2024, which is reflected in our overall financial performance.” Continue reading
Dodge Charger Daytona Cars to use Solid State Batteries
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Stellantis N.V. (NYSE: STLA) and privately held Factorial Energy said today that their partnership to accelerate the development and deployment of next-generation electric vehicles (EVs) powered by Factorial’s solid-state battery technology* will begin with the launching of a demonstration fleet of all-new Dodge Charger Daytona vehicles based on the STLA Large platform incorporating solid-state batteries in 2026. Critics of solid state batteries maintain the thus far valid assertion that there is no clear path to mass production. Perhaps this will alter that perception at some pint in the future. However, demonstration fleets are not mass production. (read AutoInformed.com on: Solid-State Cell Technology – All Hype No Production Way?)*
“This demonstration fleet is an important milestone in our partnership with Factorial,” said Ned Curic, Stellantis’ Chief Engineering and Technology Officer. “By integrating Factorial’s innovative battery solution into the STLA Large platform, we are validating its potential to enhance our electric vehicle lineup, ensuring customers benefit from improved performance, longer driving ranges and faster charging times in the coming years.” Continue reading →