2009 Volvo C70 T5 Convertible Celestial Blue on 2040-cars

Auto blog

Volvo, Daimler, Traton join forces to build electric truck charging network

Volvo Group, Daimler Truck and Volkswagen's AG heavy-truck business the Traton Group announced on Monday a non-binding agreement to build a network of high-performance public charging stations for electric heavy-duty long-haul trucks and buses around Europe. The news was first reported by Reuters. The three major European automakers will invest ˆ500 million (~$593 million USD) to install and operate 1,700 charging points in strategic locations and close to highways. They intend to finalize the agreement by the end of this year and start operations next year, with the hopes of increasing the number of charge points significantly as the companies seek additional partners for the future joint venture. The venture is meant to be a catalyst to prepare for the European Union's goals of carbon-neutral freight transportation by 2050. One of the main deterrents for both individuals and freight companies for switching to EVs has historically been a lack of charging infrastructure. By building that infrastructure, Volvo, Daimler and Traton can also expect to boost their own sales of electric trucks and buses. “It is the joint aim of EuropeÂ’s truck manufacturers to achieve climate neutrality by 2050," Martin Daum, CEO Daimler Truck, said in a statement.  "However, it is vital that building up the right infrastructure goes hand in hand with putting CO2-neutral trucks on the road. Together with Volvo Group and the Traton Group, we are therefore very excited to take this pioneering step to establish a high-performance charging network across Europe.” The partnership between Volvo and Daimler isn't unprecedented. In May, the two competitors teamed up to produce hydrogen fuel cells for long-haul trucks to lower development costs and boost production volumes. This latest venture is another signal that major companies are banding together to solve climate-related issues in the industry. European car industry association ACEA has called for up to 50,000 high-performance charging points by 2030. Traton CEO Matthias Gruendler told Reuters that roughly 10 billion euros would be needed to build out Europe's infrastructure to be fully electrified by 2050. According to a statement released by Volvo, this venture is also a call to action for others with a stake in the industry, like automakers or governments, to work together to ensure the rapid expansion needed to reach climate goals.

Geely to sell $1.3 billion of Volvo Truck shares

China’s Zhejiang Geely Holding Group is selling the entirety of its Class B shares in truckmaker Volvo AB that were worth 14.46 billion Swedish krona ($1.32 billion) at the close of trading in Stockholm. In a statement, Geely said the divestment is “in accordance with its long-term strategy” and that it will remain VolvoÂ’s second-largest investor with 88.5 million A shares. “Geely HoldingÂ’s strategic adjustment and inclusion of AB Volvo in its automotive manufacturing and investment portfolio is part of the groupÂ’s risk management and diversified investment strategy,” the company said.   Geely is offering the 49.5 million shares through BofA Securities, Goldman Sachs Bank Europe and Barclays, according to a term sheet. The Sweden-based holding company that owns GeelyÂ’s stock guided that itÂ’s selling for SEK285.9 a share, a more than 2% discount from its closing price. Volvo reported first-quarter operating profit that beat analystsÂ’ expectations on Wednesday, as the truckmaker offset waning orders by charging higher prices. The company has been reducing production as demand returns to more typical levels following a post-pandemic recovery period. Its shares have advanced 12% this year. Geely pared its stake in Volvo in January and also sold some of its holding in Volvo Car AB in November. The holding company behind one of ChinaÂ’s most prominent carmakers early this year had to bail out Polestar, the struggling electric-vehicle manufacturer it started along with Volvo Car.   Earnings/Financials Volvo Truck Commercial Vehicles volvo trucks

Ford, Volvo, Google, Uber and Lyft form self-driving alliance

Five companies arguably leading the worldwide effort to develop autonomous cars said Tuesday they're forming an organization to lobby the federal government to better prepare America's roads for self-driving technology. The founding members include some of the biggest companies in the automotive, autonomous, and ride-sharing realms – Ford, Google, Lyft, Uber and Volvo. Operating as the "Self-Driving Coalition for Safer Streets," they aim to work with lawmakers and regulators to clarify a disparate set of rules and regulations at both the state and federal levels that could hinder the deployment of autonomous cars. "The U.S. risks losing its leading position due to the lack of federal guidelines for the testing and certification of autonomous vehicles." – Hakan Samuelsson David Strickland, a former administrator of the National Highway Traffic Safety Administration who issued the first set of autonomous-related policies in that role (pictured below), will serve as the group's counsel and spokesperson. "The best path for this innovation is to have one clear set of federal standards, and the Coalition will work with policymakers to find the right solutions that will facilitate the deployment of self-driving vehicles," he said in a written statement. In January, Transportation Secretary Anthony Foxx said his department would accelerate efforts to craft such federal standards. Those efforts include holding two public hearings on standards, the second of which is scheduled to be held Wednesday in Palo Alto, California. Foxx signaled the intent to deliver them by June. Google has been leading the efforts to ensure such standards are national in scope, warning their cars could run afoul of state-specific laws should they cross state borders or if standards varies between the federal efforts and regional ones. The complexity of such efforts was underscored recently, when NHTSA agreed that Google's software could be considered the driver of a vehicle for the purpose of meeting federal motor vehicle standards, an interpretation that would conflict with preliminary California rules that mandate a licensed driver operate a self-driving car that comes equipped with human controls like a steering wheel and brakes. At South By Southwest last month, Jennifer Haroon, Google's self-driving car business leader, said the company couldn't accomplish its goals under those regulations.