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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

2023 Volvos get mild-hybrid engines, XC40 and S60 see styling tweaks

For 2023, Volvo's entire lineup will now feature both mild-hybrid assist engines and Google Android-based infotainment. Additionally, a couple of models are getting some styling updates. As for powertrains, the XC90, XC40 and V60 Cross Country are finally getting base engines with Volvo's 48-volt hybrid assist. This means that every Volvo on sale will have some level of electrification as standard, and of course plug-in hybrid and full-electric versions of some of its models continue to be offered. The Google Android-based infotainment system's availability is also expanding to the gas-powered XC40 models as well as the S60 and V60 models. As with electrification, this update means every Volvo has the same kind of infotainment. The perks of the new infotainment system include the ability to run apps and features such as Google Maps and Voice Assistant natively in the infotainment system, instead of needing to use a phone. It also enables over-the-air updates so that older models can still have the latest functions. Rounding out the updates are some styling changes for certain models. The S60 and V60 models get new grilles and rear bumper inserts. The XC40 features new headlights, front bumpers and grilles. New colors and wheels are on offer for all models, and Volvo has dropped trim level designations for all cars. The updated Volvo models are going into production with availability this summer. Pricing has not been announced yet. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Geely targeting US market in 2016 with help from Volvo

Following reports that it'd team up with corporate sibling Volvo on a Chinese-market car comes a report from Bloomberg that Geely would reattempt its entry into the US market. The Chinese brand had a display at the 2006 North American International Auto Show, but has been absent from the US scene ever since.
The Geely branded cars will be jointly developed with Volvo, and bank on the Swedish manufacturers reputation for safety and reliability. Geely's CEO, Gui Shengyue, explained, "Our acquisition of Volvo enhanced our image and overseas consumers are seeing us as an international company." This represents a change in rhetoric for the brand, after Geely Chairman Li Shufu hamstrung the idea of a closer pairing, citing fears that an association would harm Volvo's reputation. The news of projects between Geely and Volvo first broke last week, although it's unclear if the cars that end up coming to the US will be the same as those being sold in China.
As we reported last week, Geely is already aiming to be the biggest brand in the Chinese domestic market. With this move to the US market, it's also attempting to overtake Chery as China's largest automotive exporter. According to the Bloomberg report, Geely has already moved 180,000 units overseas, which is extremely close to the 184,800 vehicles sold by Chery in 2012. By 2018, Geely anticipates that 60 percent of its sales will be occur outside of the PRC.