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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 EX30 endures a side impact crash test with an EX90

Before Volvo launched the EX90, the Swedish automaker — already known as a pioneer in safety — repeatedly stressed how much work it had done to raise the bar for safety in its new electric SUV. Almost every new release included lines like, "The standard safety in the Volvo EX90 is also higher than any Volvo car before it," and "The Volvo EX90 has an invisible shield of safety enabled by our latest sensing technology, inside and outside." But these focused on the car's electronic suite of sensors and cameras watching everything from the road ahead and behind to the driver's state of fatigue. The company did the same during the launch of the EX30, writing that its new compact electric vehicle protects all occupants "through state-of-the-art restraint technology, as well as top-notch structural design that fulfills our ambitious in-house safety requirements — designed to prepare our cars for various real-world scenarios." To prove a point about the safety of the EX30, Volvo's in-house crash-test lab performed a side impact test, running its largest car, the EX90, into the side of its smallest, the EX30.  We don't get to see any interior view of the EX30 during the test or afterward. In an Automotive News Europe video about the crash and the results, Lotta Jakobsson from the Volvo Cars Safety Center says the data showed that the two "small-sized females" sitting on the struck side "were well protected" in the crash, with minimal infliction of injury. The physical design of both cars helps make this happen. The EX30 was designed to disperse all of its forces around the structure of the car for "balanced interaction" during an event. That's pretty standard stuff. On the EX90, a piece of the lower front structure juts ahead of the vehicle's primary safety structure. As ANE Managing Editor Doug Bolduc puts it, that lower structure is "specifically designed to help it absorb a lot of the power of a crash with a smaller vehicle ... that is to not only provide protection to the passengers of the EX90 but also to provide protection to the passengers of the EX30." The result is "less damage than you might have expected from the larger car onto the smaller car."  Check out the vid and for Jakobsson's take on how current trends in structural, passive, and active safety won't rid the world of crashes, but they are reducing injuries while at the same time making crashes less common.

Chip maker Nvidia adds Volvo to list of self-driving partners

Chipmaker Nvidia Corp announced on Monday it was partnering with Volvo Cars and Swedish auto supplier Autoliv to develop self-driving car technology for vehicles due to hit the market by 2021. Volvo is owned by China's Geely Automobile Holdings. Silicon Valley-based Nvidia also announced a non-exclusive partnership with German automotive suppliers ZF and Hella for artificial intelligence technology for autonomous driving. Nvidia came to prominence in the gaming industry for designing graphics processing chips, but in recent years has been a key player in the automotive sector for providing the so-called "brain" of the autonomous vehicle. The company, whose many partners already include Tesla, Toyota, Ford, Audi, BMW, and tier one supplier Robert Bosch, announced its latest deals at an automotive electronics show in Ludwigsburg, Germany. Nvidia's Drive PX artificial intelligence platform is used by Tesla in its Models S and X and upcoming Model 3 electric vehicles. Volkswagen AG's Audi is also using the system to reach full autonomous driving by 2020. In a call with reporters, Nvidia's senior automotive director Danny Shapiro said carmakers and their main suppliers are now moving away from the research and development phase of autonomous vehicles and into concrete production plans. The system developed jointly by ZF and Hella, and using Nvidia's Drive PX platform, will combine front cameras with radar and software to create technology meeting the Euro NCAP safety certification for so-called "Level 3" driving, in which some, but not all, driving is performed by the car. Volvo is already using the Drive PX for the self-driving cars in its "Drive Me" autonomous pilot program. Volvo's production vehicles built on Nvidia's platform, as announced on Monday, are planned for sale by 2021.Reporting By Alexandria SageRelated Video: Auto News Green Tesla Toyota Volvo Technology Emerging Technologies Autonomous Vehicles nvidia autoliv