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Volvo Cars sees flat or lower retail sales this year

STOCKHOLM — Volvo Cars flagged a potential dip in retail sales this year after posting higher second-quarter profits. Supply problems, above all a global shortage of semiconductors, have squeezed output and retail sales in recent quarters, but Volvo said it was seeing a "marked improvement" in the stabilization of its supply chain. The Sweden-based carmaker said on Wednesday it expected full year retail deliveries to be lower or on par with 2021, while wholesale volumes will increase. "However, due to the time lag between production and retail deliveries, those improvements are not expected to result in an increase in retail sales during the calendar year," the company said. Volvo Chief Executive Jim Rowan said the company would "keep an eye on" consumer sentiment, not least due to higher inflation. "But right now demand is very strong," he said. Volvo's quarterly operating profit rose to 10.8 billion Swedish crowns ($1.06 billion) from 4.8 billion a year ago as accounting effects from the listing of high-performance automaker Polestar gave a boost. Operating earnings for the core business at Volvo Cars, majority owned by China's Geely Holding, reached 4.6 billion in the quarter. "Volvo reported a solid set of Q2 results in the light of multiple hurdles including semiconductor constraints and impact of Chinese lockdowns on demand," investment bank JPMorgan said in a note. Volvo has been a strong performer in recent years and recorded 2021 earnings that surpassed pre-pandemic levels. 

Sweden's Prince Carl Philip to race for Volvo in STCC

Prince Carl Philip Bernadotte has it good. He is a member of the Swedish Royal Family, he dates a model and he has been voted by Forbes as one of the "20 Hottest Young Royals." If that were not enough, he is a fairly successful racecar driver. The latter has earned him a spot on the Volvo Polestar racing team for the Swedish Touring Car Championship. The prince will be piloting a race-spec S60 in the 2013 STCC campaign.
Starting in 2008, Prince Carl Philip began competing in the Porsche Carrera Cup, where he placed as high as 11th. In 2010, he finished first in the Porsche GT3 Endurance competition, and most recently, he placed fourth in the 2012 Swedish GT GTB.
As his motorsport career up to this point suggests, the prince is quite serious about racing and the STCC is the next step up. According to Prince Carl Philip, "There is no tougher championship in Sweden and at the same time as I have respect for it, it motivates me greatly." You can read more on Prince Carl Philip's upcoming campaign with Polestar in the press release below.

Editors’ Picks July 2022 | Volvo XC60, 911 GT3 and a hot Hyundai

This latest rendition of Editors’ Picks sees us recognize some enthusiast-focused vehicles on both sides of the price spectrum and a luxury SUV. The 911 GT3 was an easy shoo-in, but the Hyundai Elantra N is what surprised us the most. WeÂ’re sad to see the Veloster N bow out after this year, but at least the N model in its place is a worthy one. In case you missed our previous Editors' Picks posts, hereÂ’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in July that earned an EditorsÂ’ Pick. 2022 Volvo XC60 2022 Volvo XC60 Recharge View 36 Photos Quick take: The Volvo XC60 is one of our favorite luxury crossovers, and the PHEV option is a killer setup. We dig the interior design, and the exterior is attractively Swedish, too. Score: 7.5 What it competes with: Alfa Romeo Stelvio, Genesis GV70, Jaguar F-Pace, BMW X3, Mercedes-Benz GLC-Class, Audi Q5, Lexus NX, Acura RDX, Volvo XC60, Lincoln Corsair, Infiniti QX50, Porsche Macan Pros: Great design, epic PHEV option, intriguing interior design options Cons: Tech can be cumbersome, big wheels lead to a stiff ride From the editors: Road Test Editor Zac Palmer — "When it comes to plug-in hybrids, there's no better compact crossover option than the XC60 Recharge. I really dig the extra-powerful electric motor and larger battery Volvo added this year. The interior wool option is my pick of the bunch, but I am a little disappointed that there aren't as many physical buttons throughout the interior as there were before." News Editor Joel Stocksdale — "Although it's got some age, the Volvo XC60 is still an excellent premium SUV. It's as handsome as ever with its clean, modern design inside and out, and feels genuinely luxurious. But what really sets the XC60 apart is its available plug-in hybrid powertrain. It's smooth and refined, and best of all, it's still great in electric mode.