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Volvo Cars' May sales rise 13%, boosted by electric vehicles

STOCKHOLM — Volvo Cars' sales rose to 68,034 cars in May, up 13% from a year earlier, buoyed by a 27% jump in Europe and a strong performance by its fully electric EX30, the group said on Wednesday. Sales of fully electric and plug-in hybrid models rose 37% to account for 48% of group sales globally, Sweden-based Volvo Cars, which is majority-owned by China's Geely Holding, said in a statement. "This month's sales figures are another measure of our progress towards our sales target of at least 15% growth for 2024," it said. However, sales in the United States and China fell by 5% and 1%, respectively. Shares in the company were up 1.9% by 0755 GMT. Volvo Cars aims to have electric vehicles account for half of its sales by volume by mid-decade and hopes to sell only EVs by 2030.   Featured Gallery Volvo EX30 View 22 Photos Earnings/Financials Green Volvo Electric

How Norway became a world leader in EV sales, and where it goes from here

OSLO, Norway — A silent revolution has transformed driving in Norway. Eerily quiet vehicles are ubiquitous on the fjord-side roads and mountain passes of this wealthy European nation of 5.3 million. Some 30 percent of all new cars sport plug-in cables rather than gasoline tanks, compared with 2 percent across Europe overall and 1-2 percent in the U.S. As countries around the world — including China, the world's biggest auto market — try to encourage more people to buy electric cars to fight climate change, Norway's success has one key driver: the government. It offered big subsidies and perks that it is now due to phase out, but only so long as electric cars remain attractive to buy compared with traditional ones. "It should always be cheaper to have a zero emissions car than a regular car," says Climate and Environment Minister Ola Elvestuen, who helped push through a commitment to have only zero-emissions cars sold in Norway by 2025. The plan supports Norway's CO2 reduction targets under the 2015 Paris climate accord. To help sales, the Norwegian government waived hefty vehicle import duties and registration and sales taxes for buyers of electric cars. Owners don't have to pay road tolls, and get free use of ferries and bus lanes in congested city centers. These perks are being phased out in 2021, though any road tolls and fees would be limited to half of what gasoline car owners must pay. Gradually, subsidies for electric cars will be replaced by higher taxes on traditional cars. Registration tax on new cars is paid on a sliding scale with a premium for the amount of emissions produced. Elvestuen pledges that the incentives for electric vehicles will be adjusted in such a way that it does not scupper the 2025 target. "What is important is that our aim is not just to give incentives," he says. "It is that we are taxing emissions from regular cars." Using taxes to encourage consumers to shift to cleaner energy can be tricky for a government — protests have erupted in France over a fuel tax that hurt the livelihood of poorer families, especially in rural areas where driving is often the only means of transportation. In the U.S, some would like to see the tax credit on EVs and hybrids eliminated while others would extend it. In this sense, Norway is an outlier. The country is very wealthy after exporting for decades the kind of fossil fuels the world is trying to wean itself off of. Incomes are higher than the rest of Europe, as are prices.

Volvo EX90 will be the XC90's all-electric successor

Clarification: Volvo reached out to clarify that the EX90 will be "our new flagship sold alongside XC90 for the foreseeable future" — more of a "successor" than a "replacement." The story has been updated to clarify.     Volvo has announced what we've long suspected. The XC90's successor as the Volvo flagship will be an all-electric crossover. Its name, as officially stated by Volvo, will be EX90, rather than the previously thought EXC90 or even more evocative Embla, and it will be sold alongside the XC90 for a time The primary philosophy of the new flagship, the company says, will be that old Volvo calling card: safety. The automaker promised in a statement that "standard safety in the EX90 will be beyond that of any Volvo before it." They are also reiterating that they're working to be a 100% crash-less and 100% carbon-neutral company. Volvo says the EX90 will cruise down the road with an "invisible shield" of cameras, radar and lidar sensors. They will work in unison to create a "360-degree real-time view of the world," a description that sounds like Tesla's not-quite FSD visualizations that show 3D representations of lanes and traffic movements on the center screen. Volvo says over time the software can reduce serious injury and fatal accidents by 20% and overall crash avoidance by 9%. The software is made to share data from the entire fleet similarly equipped Volvos, learning as it goes.  Inside, the car will monitor driver alertness with algorithms that track eye gaze and focus. Volvo claims the programming is "beyond what has been possible in a Volvo car to date." If the system detects distraction it will respond with increasing levels of assertiveness, starting with "softly nudging". However if the driver falls completely unconscious it's designed to safely pull over and call for help, in what sounds similar to Mazda's Co-Pilot feature or VW's Emergency Assist 2.0. Volvo has not revealed specs or the actual design of the EX90. We suspect it will be based on last year's Volvo Concept Recharge, though it could also look like the unearthed patent images from last month. The Volvo EX90 will be revealed in full on November 9.