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Volvo Cars laying off 1,300 as it steps up cost cuts

Volvo Cars will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based automaker said on Thursday. While an earlier efficiency drive had begun to show results, with Volvo this week reporting a strong first quarter, more efficiency was needed, CEO Jim Rowan said in a statement. "Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time," he said. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan told Reuters the group did not yet know how much it would save from the new measures. "We're still working the details through on that," he said in an interview. The company said it had issued redundancy notices for 1,100 employees, while the remaining 200 white-collar positions would be identified following a review of the business across Sweden. It said it also expected to cut jobs and reduce costs across its global operations in the coming months, including its consultancies. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. "We sell in over 80 countries or so worldwide, so I think there's opportunities for us to become more efficient across the entire network," he told Reuters. Volvo Cars shares were down 3.87% at 0848 GMT.   Earnings/Financials Hirings/Firings/Layoffs Volvo SUV Luxury

Volvo to adopt NACS port, partners with Tesla for Supercharger access

Volvo is the next automaker to announce that it’s signed an agreement with Tesla with will allow its current and future electric vehicles use of the Supercharger network. Plus, just like Ford and GM, Volvo says its new EVs from 2025 on will be equipped with the North American Charging Standard (NACS) port instead of the Combined Charging System (CCS) port. This agreement makes Volvo the first European automaker to adopt TeslaÂ’s charge port and gain access to the 12,000-plus Superchargers across the U.S. Volvo says that owners of its EVs will be able to access Superchargers as early as the first half of 2024 with an adapter. For Volvo EVs built with the NACS port, Volvo says those vehicles will still be capable of charging on CCS chargers with an adapter provided by Volvo. Volvo didnÂ’t explicitly say that the Supercharger network would be integrated into its carsÂ’ native navigation system (which is just Google Maps these days), but it did say that folks will be able to use the Volvo Cars app to do so. Via the app, youÂ’ll be able to locate chargers, get real-time availability info and pay for charging sessions. “As part of our journey to becoming fully electric by 2030, we want to make life with an electric car as easy as possible,” said Jim Rowan, Volvo CEO. “One major inhibitor to more people making the shift to electric driving – a key step in making transportation more sustainable – is access to easy and convenient charging infrastructure. Today, with this agreement, weÂ’re taking a major step to remove this threshold for Volvo drivers in the United States, Canada and Mexico.” Stay tuned, as itÂ’s only a matter of time until more and more automakers make a similar decision as Ford, GM and Volvo just made. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

A spotter's guide to Super Bowl LIV car commercials

Set to kick off on Fox at 6:30 ET on Sunday, February 2, from Hard Rock Stadium in Miami, Florida, the big game will feature the Kansas City Chiefs and the San Francisco 49ers. Throughout Super Bowl LIV, viewers will see about 50 commercials, each of which costs as much as $5.6 million per 30 seconds, according to AdWeek. Originally, there were more than 77 ad slots, so several companies could be paying well more than $10 million for a single, longer commercial. Numerous car companies have already announced their commercials, or their intentions to show commercials, during the game. Here's a roundup of the ones we know about so far. During the game on Sunday, we'll be livestreaming and adding links to the new commercials as they become available, so check back with us for that post.  Audi: E-Tron Sportback Maisie Williams has experience wearing many faces, and in Audi's Super Bowl commercial, she does her best Elsa impression. In the spot, titled "Let It Go," Williams faces the rigorous task of getting through L.A. traffic, but she's alleviated by the comfort of the Audi E-Tron Sportback electric crossover. The commercial is meant to signal the company leaving its gas past behind and moving forward to a sustainable future.  Genesis: GV80 Genesis makes its Super Bowl debut with a commercial that will show its all-new SUV, the GV80, to viewers around the world (many of which will be seeing the vehicle for the first time). The ad features Chrissy Teigen and John Legend as the purveyors of "new luxury," while "old luxury" is left for the birds. GMC: Hummer General Motors is bringing back the Hummer nameplate as a premium electric GMC truck. GM says it will have 1,000 horsepower and will be capable of going zero to 60 mph in three seconds. GM brought in NBA legend and Hummer fanboy LeBron James for the debut commercial. Hyundai: Sonata Hyundai is known for bringing in the big-time celebrities for its commercials, and 2020 is no different. A new advertisement called "Smaht Pahk" features John Krasinski, Chris Evans, and Rachel Dratch, all three of whom are from the Boston area. The trio gets into full character as they discuss the new high-tech parking feature on the redesigned 2020 Hyundai Sonata, and David Ortiz makes a cameo at the end. Even when New England isn't in the Super Bowl, New England is in the Super Bowl.