All articles tagged with #volvo cars
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.
Volvo Cars plans to cut 3,000 white-collar jobs, about 15% of its office staff, as part of a $1.9 billion cost-saving restructuring amid challenges like high costs, slowing EV demand, and trade uncertainties, aiming to improve efficiency and share price.
Swedish automaker Volvo Cars is cutting 3,000 jobs globally, mainly office positions, as part of a cost-cutting strategy to strengthen financial resilience amid trade tensions and economic uncertainties, with significant layoffs in Sweden and other markets.
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.
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.
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.
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.