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Tag Archives: Volvo Cars
Chinese EV Trade Wars Hits Volvo Cars
Volvo Cars (VOLCAR B:STO) today announced the selling of its 30% stake in Lynk & Co to Zeekr, a transaction representing a consideration of RMB 5.4 billion (~ SEK 8 billion). The transaction will be paid in cash, with 70% of the amount paid at closing, and 30% plus interest paid one year after closing. The transaction is expected to close during the first quarter of 2025. Volvo Cars is currently trading near its all time low.
The transaction involves Volvo Cars (China) Investment Co., Ltd, an indirect subsidiary of Volvo Car AB, selling its share in Lynk & Co Automotive Technology Co., Ltd to Zhejiang Zeekr Intelligent Technology Co., Ltd, an indirect subsidiary of Zeekr Intelligent Technology Holding Limited. Continue reading
Posted in auto news, electric vehicles, financial results, news analysis, results, shows and events
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Eric Li, Geely Automobile Holdings, Geely Holding, Ken Zino, Li Shufu, Lynk & Co, VOLCAR B:STO, Volvo Cars, X @KenAutoinformed, Zeekr
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Volvo Cars Posts Q3 Profit of SEK 5.7 Billion off from 6.1B
“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.”
“Given this accelerating weakness in the market and Volvo Cars’ focus on safeguarding value over volume, the company expects minimal volume growth during the fourth quarter. As a result, it now anticipates full-year sales growth of 7-8%, instead of its earlier forecast of 12-15%,” Volvo said. Today Volvo Car AB closed at SEK 22.49, only 0.47% above its 52-week low of 22.38 set on 16 October 2024.
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Posted in auto news, economy, financial results, mobility company, news analysis
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Chinese EV trade war, Jim Rowan, Ken Zino, VOLCAR B:STO, Volvo Cars, Volvo Cars Q3 2024 earnings, X @KenAutoinformed
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Volvo Cars and Nvidia Deepen Ties
The agreement deepens the existing collaboration and partnership between Volvo Cars and NVIDIA. Last year, the companies started joint development of advanced systems and software for self-driving cars. Adding advanced 360-degree perception capabilities and a driver-monitoring system, the core computer will help Volvo Cars safely introduce fully autonomous cars. Continue reading
Volvo Cars Posts Record Sales, Revenue, Profits in 2024, but…
Volvo Cars (VOLCAR B:STO)* today posted a record-breaking year in 2024 with the highest full-year retail sales, revenues and core operating profit in its 98-year history. However, the Chinese owned company anticipates a turbulent 2025 “due to challenging market conditions,” aka Trump’s Trade and Tariff Wars.** “Full-year revenues exceeded SEK 400 billion for the first time in the company’s history, due to a new all-time sales record of 763,389 cars. Its full-year core operating profit of SEK 27 billion, excluding joint ventures and associates, was another record and up 6% compared to 2023. The core operating margin came in at 6.8%, up from 6.4% in 2023,” Volvo said. Continue reading →