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...Last week, Volvo Cars said it would sell its 48 per cent stake in Polestar to Geely, and would not inject any more funding into the brand. Polestar is seeking about $1.3bn of fresh funding....
...Volvo, which owns 48 per cent of Polestar, will consider offloading its shares in the company, which is likely to result in parent company Geely becoming a larger shareholder in the business, it said on...
...Geely is “much more of a natural holding company” for Polestar, Volvo Cars’ chief executive Jim Rowan told the Financial Times on Thursday....
...Investors in Volvo Cars have similar worries about the staying power of the carmaker’s new strategy. The company has promised to end production of internal combustion cars by 2030....
...Volvo Cars has halted production at its factory in Belgium after shipping disruption in the Red Sea delayed a delivery of gearboxes to the Swedish carmaker....
...The other is a pre-production model of a car that the new global head of design at Volvo believes is the company’s future: all-electric, with a quarter of its aluminium recycled (as well as a fifth of its...
...The company plans to list the electric vehicles arm of sports car brand Lotus through a Spac deal later this year, and has filed for an IPO of its new Zeekr brand....
...The act has put a potential US expansion “top of mind for us right now,” Volvo Cars CEO Jim Rowan told the FT....
...When periods of exuberance come to a close, ideas that once seemed to make a lot of sense no longer do. So it is in the European car industry....
...In 2023 alone, 82 per cent of all new private cars sold were electric. Electric vehicles now constitute a quarter of the total private vehicle fleet. In 2016, the percentage was 5.8 per cent....
...The company burst on to the global stage with a 2010 deal to purchase Volvo Cars from Ford, kicking off a decade of expansion buying unloved international car brands including Lotus and taking stakes in...
...“We had attacks on our theatre, on my car,” says Ostermeier....
...Cruise, the self-driving car subsidiary of General Motors, targeted annual revenues of $1bn by 2025. Last year, the business reported sales of just $102mn amid a $3.4bn loss....
...A collapse in sales among scores of auto groups in China is fuelling expectations for a wave of consolidation that will leave only a handful of companies in the world’s largest car market....
...You have the cult of Elon plus the fact that it’s a radically different car. It’s going to draw more attraction than driving a Lamborghini.”...
...As it raised $450mn from owners Volvo Cars and Geely, the Nasdaq-listed group said it aims to make gross margins in the “high teens” in 2025, while selling 155,000 to 165,000 cars a year, a new target....
...Even in the US, about half of car journeys in the busiest cities are less than three miles. Many urbanites now probably drive a car because they have a car....
...Both union and corporate leaders credit the system with a low level of strikes and believe it is crucial for the success of Sweden, a country of 10mn people and home to manufacturers such as Volvo Cars,...
...Apple’s decision to wind up its car project comes as it prepares to announce more details of its work in the fast-growing generative AI sector....
...Revenue for 2023 was up 42 per cent to Rmb602.3bn on sales of just over 3mn vehicles — a slowdown in growth compared with the previous year. Exports rose 334 per cent to 243,000 cars....
...Will a Chinese branded car with a starting price of $230,000 become a more common sight in the future?...
...News round-up KKR raises record $6.4bn for Asia fund in infrastructure rush (FT) Volvo Cars to stop funding Polestar electric sports car business (FT) Vivendi’s Canal+ offers to buy biggest pay-TV group...
...Volvo Cars on Tuesday said it had halted production at its factory in Belgium after the shipping disruption delayed a delivery of gearboxes, while tyre manufacturer Michelin said Red Sea delays would lead...
...About 91 per cent of those cars were from Chinese-owned European brands such as Britain’s MG, owned by China’s SAIC, or Volvo’s Polestar, or from joint ventures between European and Chinese companies such...
...rose 10 per cent, thanks in part to a jump in sales of fully electric vehicles....
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