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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 XC40 gets the merest hint of a mid-cycle update

Scandinavian design is known for its subtlety and minimalism, but even by Nordic standards the Volvo XC40 lineup has received the tiniest wisp of change. Volvo Germany uploaded the new crossover a little early by the looks of it. In front, a slightly reshaped bumper frames Volvo's new Pixel headlights and some T-shaped fog light housings. The grille remains on the mild hybrid and plug-in hybrid XC40 models, but the XC40 Recharge gets the same solid faceplate as on the C40 Recharge. We can't see a difference anywhere else outside save for the wheels; the updated XC40 Recharge sits on the 20-inch aero wheels that debuted on the C40 Recharge, while the hybrid models get a selection of new wheel designs. Looks like Volvo's reworked exterior pacakges, dropping Inscription and R-Design (at least in the UK and French markets that still show the non-facelifted car) for Essential, Core, Plus, and Ultimate packages, the number of choices depending on the model. After that, Bright and Dark trim molding treatments add flair or shadow to the exterior. The battery-electric XC40 Recharge in the U.S. presents the choice of Plus and Ultimate.   The Sage Green and Fjord Blue hues from the C40 make their way to the XC40 Recharge paint palette as well. Inside, tailored wool joins the Microtech and leather dressing options, and high-zoot configuring can get the Orrefors gear selector. The Android-based operating system has been ported to the nine-inch infotainment screen, too.  Since Volvo hasn't finished rolling out this vehicle in Europe, it's likely we're not going to see it until sometime next year, perhaps as a 2023 model. We expect it will be joined by the refreshed XC60 with the larger battery and extended all-electric driving range. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ford, Volvo join Redwood in EV battery recycling push in California

Ford and Volvo will join battery recycling startup Redwood Materials in developing processes, starting in California, to collect end-of-life batteries from electric and hybrid vehicles and recover the materials for use in new batteries, the companies said Thursday. Redwood Materials, co-founded by former Tesla executive JB Straubel, formed an earlier partnership last fall with Ford to develop a “closed loop” or circular supply chain for electric vehicle (EV) batteries, from raw materials to recycling. On Thursday, Redwood Materials said it would work directly with dealers and dismantlers in California to identify and recover end-of-life battery packs. The materials in those packs will be recovered and recycled at Redwood Materials facilities in northern Nevada. U.S. automakers Ford and General Motors Co (GM) have said the battery recycling effort is crucial in efforts to develop a domestic supply chain to meet increasing EV demand. GM and battery partner LG Energy Solution last year announced a partnership with startup Li-Cycle to recycle battery scrap material from Ultium Cells, the GM-LG joint venture that is building battery plants in Ohio, Tennessee and Michigan. Redwood Materials has similar partnerships with battery makers Panasonic in Nevada and Envision AESC in Tennessee, as well as with Amazon. Ford and Amazon are among the investors in Redwood Materials. Reporting by Paul Lienert in Detroit; Editing by Mark Potter Green Ford Volvo Green Automakers Electric