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Volvo blames EU tariffs as it lowers its 2024 sales forecast

STOCKHOLM — Volvo Cars cut its full-year retail sales forecast on Thursday, blaming European tariffs on EVs made in China that will hit one of the Swedish automaker's key electric models until it shifts production to Belgium. While reporting better than expected second-quarter results that sent its shares up 6% in morning trade, Volvo lowered its forecast for sales growth this year to 12%-15%, down from 15%. "It's really driven by tariffs," CEO Jim Rowan told Reuters. "It's a short-term issue for us, but it is an issue and we're just going to have to deal with that." Rowan said that while Volvo still hoped for 15% growth, it was now providing a range given the uncertainty. "We wanted to put a floor on that for the markets to say we're still going to grow but there are some headwinds," he said. Earlier this month, the EU announced provisional tariffs of up to 37.6% on imports of EVs made in China, saying they benefited from unfair subsidies — an allegation Beijing rejects. Volvo is majority-owned by China's Geely and faces a 19.9% tariff on its Chinese-made fully-electric EX30. Rowan said the Swedish automaker faced a "minimum of six months" of tariffs until it moves EX30 production to Belgium, which is expected to start early next year. Volvo said the main ramp-up of EX30 production at its factory in Ghent was expected during the second half of 2025. Bernstein analysts said in a note that the new sales guidance was "sensible given todayÂ’s macroeconomic situation." Major automakers have seen slowing demand for EVs, driven in part by a lack of affordable models and the slow rollout of charging points. Meanwhile, U.S. and European automakers have reported strong sales of hybrids, and are rolling out more such models to meet demand. Volvo said it saw a "modest decline" in orders for fully electric models in the second quarter, but noted "demand for hybrid cars remains very strong". "We will continue to invest in this line-up and these cars form a solid bridge for our customers not yet ready to move to full electrification," Rowan told analysts in a conference call. Volvo produced 211,900 cars in the second quarter, more than it sold amid the decline in European demand for EVs. Its operating income, which includes its stake in loss-making Polestar, rose to 8 billion crowns ($758 million) from 5 billion crowns a year earlier. That topped the 6.7 billion crowns expected by analysts, LSEG data showed.

Volvo launches XC90 configurator site

In many ways the 2016 Volvo XC90 defines the future of the Swedish brand. The SUV is the introduction of the company's Scalable Product Architecture modular platform that should underpin most of its future models. It's also the first big chance to see whether consumers accept a model like this that's only available with four-cylinder power, granted a mill that is both turbocharged and supercharged. The configurator for this Swedish hopeful is just hitting the Web giving customers a chance to see what they think.
The only available powertrain on the XC90 at the moment is the 2.0-liter Drive-E with 316 horsepower and 295 pound-feet of torque, an eight-speed automatic transmission and all-wheel drive. The base price starts at $48,900, plus $925 for destination, but that number can balloon quite quickly. Upgrading to the R-Design package tacks on $4,000 or the even plusher Inscription package adds $5,600.
Furthermore, there are several option packages to add some extra tech and comfort to the SUV. The Vision Package with a backup cam is an extra $1,600, two versions of the Climate package to keep occupants warm come to $1,050 and $1,950, respectively, and the Convenience Package that includes adaptive cruise control adds $2,000. Depending on trim, there are up to 13 colors available in an attractive variety, although all but two add $550 to the price. There are also a wide variety of leather upholsteries to choose from.

5 thoughts about the 2025 Volvo EX30

Well this is a little awkward. When we drove the 2025 Volvo EX30 at the Midwest Automotive Meida Association (MAMA) Spring Rally, it was destined to arrive this year at Volvo’s new entry-level electric car. Then the U.S. government slapped huge tariffs on Chinese-built vehicles. The EX30 is currently built in Chengdu, so Volvo decided to push the on-sale date back to next year when production can begin in Ghent, Belgium, likely making the American-market EX30 a 2026 model. So, the question here isnÂ’t should you buy, but rather, will it be worth the wait? We think so. ItÂ’s a bit small, and cost-cutting has resulted in some ergonomic qualms, but the EX30 looks and drives like a premium small crossover that should carry a less-than-premium price tag. Make sure to look closely at the details Volvo really hit it out of the park with the EX30Â’s design. It does minimalism almost entirely right. At first glance, itÂ’s simple at every turn; a basic box that doesnÂ’t even have a grille. Look closer, though, and you start noticing the interesting and even exciting details. The debossed Volvo insignia up front; the panel gap that curves in the exact same way as the wheel wells; all the linework in the head and taillights. And thatÂ’s just the start. The inside follows the same philosophy. Although it looks a bit basic at first glance, what with the open dash and sole center screen, you eventually notice the actual metal door handles that are extensions of the door trim and the various fascinating materials. That includes the speckled recycled plastic in my test vehicle or the woven fabric style that Road Test Editor Zac Palmer experienced in Sweden. There are little strakes here and there to add some visual interest, and the translucent trim in the vents are another great touch. It all makes the EX30 feel more fun, but also more premium, than its anticipated low price would suggest. Volvo seems to have cheaped out on controls What is frustrating, though, is that Volvo seems to have followed the Tesla, and to a lesser extent VW, model of lowering costs. That center screen handles everything. And yes, that includes the instrumentation. Now, it is something that you can get used to, but then there a lot of less-than-ideal things in life you can get used to. Acclimation does not equal good. Having your speed and other critical info directly in front of you is still superior, be it a head-up display or just a small, supplemental display like even VW provides.