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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, Polestar reportedly planning twin city-friendly electric SUVs

Volvo is nearly ready to unveil the next generation of the XC90, its flagship model, but it's not forgetting about the other end of its range. It's reportedly planning to launch an entry-level model that will take the form of a pocket-sized crossover powered by an electric drivetrain. Without citing sources, British magazine Autocar reported that the model will ride on a modular platform developed by Volvo parent company Geely and called SEA internally. This architecture already underpins the 001 sold by Zeekr, which is another brand in the Geely empire. No technical specifications are available at this point, but the report sketches the outline of a high-riding model with a sleek-looking silhouette. This isn't the first time we've heard about Volvo's city-friendly SUV; earlier rumors claimed it would be called XC20 or C20, names that would have clearly signaled the model's positioning as being below the 40-badged cars. Volvo is moving away from this naming system, however, and the cars it will launch in the coming years will receive actual names. With that said, both the XC20 and the C20 names are off the table. Polestar's take on the concept of an electric entry-level crossover will be positioned between the 2 and the 3, though it will somewhat confusingly be called 4. It sounds like the model will be bigger and more expensive than Volvo's, and Autocar learned that it could be closely related to the C40 Recharge (pictured) underneath the sheetmetal. If that's accurate, it will share its CMA architecture with the 2, among other models, and it will be offered with either a single electric motor that zaps the front wheels or dual-motor all-wheel-drive. Both EVs will have at least one thing in common: a mission to boost sales. For Volvo, launching a battery-powered car pegged near the bottom of its range will increase the percentage of EVs in its global sales mix. It's planning to cross the 50% mark by 2025. For Polestar, entering cheaper segments will allow it to boost its annual sales by reaching less affluent buyers, though it will remain a premium brand. Polestar 4 is tentatively due out in 2023. There's no word on when Volvo will release its smallest EV to date.

Volvo Cars' earnings top pre-pandemic levels in boost ahead of possible IPO

STOCKHOLM — Volvo Cars reported a return to profit in the first half as demand for electric cars pushed earnings above pre-pandemic levels, putting the carmaker on a firmer footing as it considers a possible IPO this year. Sweden-based Volvo, owned by China's Geely Holding, said on Friday it made a first-half profit of 13.24 billion Swedish crowns ($1.52 billion), more than double its profit of 5.52 billion crowns in the corresponding period of 2019, before the coronavirus struck. Like several other automakers Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year's plunge during the pandemic helped first-half revenue rise by 26% to 141 billion crowns. "The pandemic effect, when it comes to our business, we don't see it anymore," Chief Executive Hakan Samuelsson told Reuters. "All our employees have not been vaccinated yet, but sales and production are really back to where we were." The company, which is eyeing an initial public offering before the end of this year, said all its regions showed solid growth and improved market shares, with chargeable cars representing 25% of total sales. Samuelsson said the evaluation process ahead of a potential IPO was progressing according to plan, adding the firm was still considering listing on the Stockholm stock exchange in the second half of 2021. "The company stands stronger than ever and we are in the midst of a very substantial transformation ... It has to be financed and access to the stock market is of course positive then," Samuelsson said. Volvo Cars had been heavily affected at the start of the pandemic, plunging to a 989 million loss in the first half of 2020. The company on Friday kept its second-half outlook for flat sales and revenue growth year on year, "unless supply of semiconductors improves". It said earlier this month that first-half sales rose 41% to 380,757 cars. The Gothenburg-based firm plans to become a fully electric car maker by 2030, sell 600,000 battery electric vehicles at mid-decade, and build a European battery gigafactory in 2026. ($1 = 8.6821 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard and Susan Fenton) Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvo introduces 2022 C40 Recharge crossover