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Volvo Cars laying off 1,300 as it steps up cost cuts

Volvo Cars will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based automaker said on Thursday. While an earlier efficiency drive had begun to show results, with Volvo this week reporting a strong first quarter, more efficiency was needed, CEO Jim Rowan said in a statement. "Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time," he said. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan told Reuters the group did not yet know how much it would save from the new measures. "We're still working the details through on that," he said in an interview. The company said it had issued redundancy notices for 1,100 employees, while the remaining 200 white-collar positions would be identified following a review of the business across Sweden. It said it also expected to cut jobs and reduce costs across its global operations in the coming months, including its consultancies. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. "We sell in over 80 countries or so worldwide, so I think there's opportunities for us to become more efficient across the entire network," he told Reuters. Volvo Cars shares were down 3.87% at 0848 GMT.   Earnings/Financials Hirings/Firings/Layoffs Volvo SUV Luxury

Volvo EX90 will provide SunLike sunlight for occupants and cargo

Volvo says another one of the human-centric features coming to the EX90 battery-electric wagon is a sun-like light. A few years ago, Korean firm Seoul Semiconductor developed a range of LEDs called SunLike, the heliotropic name derived from the non-flickering LEDs producing illumination close to the spectrum of planetary daylight. The science bits include a new diode architecture, a purple emitter and different phosphors in place of the usual yellow. The upshot for EX90 occupants is said to be in-car light that's easier on the eyes, less low-light reflection, and color and texture reproduction closer to nature — all that Nordico recycled synthetic fabric, Forest Stewardship Council-certified wood, and wool from sustainably-raised sheep will look more natural.. The lights have found their way into some museums, curators looking for improved color rendition from the artworks. The Swedes say they're the first to use these lights in an automotive application. There will be 72 SunLike LEDs placed throughout the vehicle, being all the non-decorative lights in the cabin ceiling, floor, and door pockets, and the trunk. The design lead for color and materials said, "By utilizing the spectrum of light emitted from the SunLike LEDs, the progressive materials and interior design of the Volvo EX90 stand out more clearly and without colour distortion. Complementing our wood deco and other natural materials inside the cabin, the lights are central to our Scandinavian design language." The Polestar 3 will get the same treatment. The seven-seat, twin-motor EX90 with up to 300 miles of range starts rolling down lines in Volvo's South Carolina plant later this year. The crossover will make safety as important as comfort, the EX90 incorporating cameras, radar, lidar, and Nvidia-powered software to take stock of the vehicleÂ’s surroundings plus the driverÂ’s gaze and attention. The lidar can detect objects ahead to centimeter accuracy from 250 meters (about 820 feet) away in glaring sun or total darkness, Volvo says. Volvo describes the EX90 as “a highly advanced computer on wheels” with the ability to improve over time thanks to over-the-air software updates. Preorders are open now, with "well-equipped" configurations said to come in "at  under $80,000." Deliveries begin in early 2024. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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