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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. 

Volvo reapplies to trademark the term C60

Perusing the database at the U.S. Patent and Trademark Office, CarBuzz happened on a trademark application Volvo cars filed for the term C60. Submitted earlier this month, on December 14, the mark would cover "Vehicles and Products for locomotion by land, air or water." Sounds like a car to us. Knowing the way trademarks go — which means knowing we might never see them on a production vehicle — this could be Volvo hedging a very long bet. The easiest guess as to where C60 might fit in the lineup is as the crossover coupe version of the XC60 Recharge, following the mold of the XC40 Recharge and C40 Recharge (pictured). With the current, second-gen XC60 having arrived for the 2018 model year, we would think a C60 version waits until a heavy facelift or new generation to join the party, assuming it ever happens. What's not hypothetical is Volvo's long-term involvement with the C60 alphanumeric. Going deeper into the USPTO files, seems Volvo first applied to trademark C60 on September 5, 2001, the same day the automaker also applied to lock down C40. Volvo traded paperwork with the government agency until 2009, when the carmaker abandoned both C40 and C60 in March of that year. Oddly, two months before, in January 2009, Volvo had reapplied to trademark C40 and C60, then abandoned both again seven years later, in July 2016. Again, oddly, nine months before the second abandonment, Volvo had reapplied yet again to trademark both C40 and C60. That was in November 2015. The USPTO granted Volvo the rights to the mark at the end of 2016, and it remains valid. So Volvo's latest submission is the continuance of the mark it's owned for six years and been toying with for 21. Volvo Cars owns the XC40 and XC40 Recharge trademarks, as well as C40, but it doesn't own a C40 Recharge trademark, the latter being the name of the production model. It took 20 years from Volvo's first idea of the C40 for us to get a production version. We don't know what a potential C60 will be, but it shouldn't be too far away. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.