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Volvo Cars sees flat or lower retail sales this year

STOCKHOLM — Volvo Cars flagged a potential dip in retail sales this year after posting higher second-quarter profits. Supply problems, above all a global shortage of semiconductors, have squeezed output and retail sales in recent quarters, but Volvo said it was seeing a "marked improvement" in the stabilization of its supply chain. The Sweden-based carmaker said on Wednesday it expected full year retail deliveries to be lower or on par with 2021, while wholesale volumes will increase. "However, due to the time lag between production and retail deliveries, those improvements are not expected to result in an increase in retail sales during the calendar year," the company said. Volvo Chief Executive Jim Rowan said the company would "keep an eye on" consumer sentiment, not least due to higher inflation. "But right now demand is very strong," he said. Volvo's quarterly operating profit rose to 10.8 billion Swedish crowns ($1.06 billion) from 4.8 billion a year ago as accounting effects from the listing of high-performance automaker Polestar gave a boost. Operating earnings for the core business at Volvo Cars, majority owned by China's Geely Holding, reached 4.6 billion in the quarter. "Volvo reported a solid set of Q2 results in the light of multiple hurdles including semiconductor constraints and impact of Chinese lockdowns on demand," investment bank JPMorgan said in a note. Volvo has been a strong performer in recent years and recorded 2021 earnings that surpassed pre-pandemic levels. 

Best places to get your car maintained and repaired

In this era of rampant inflation and high interest rates, the challenges of acquiring a car or SUV have been well documented. And so it has never been more important to protect that expensive investment by maintaining it. In recent months, Autoblog has shared Consumer Reports' evaluation of the least and most expensive car brands to keep running, as well as tips to prolong a car’s useful life. Especially since the pandemic, a number of factors have impacted these costs: more complex vehicles, new materials and manufacturing methods, a shortage of qualified technicians and replacement parts. Since 2022, repairs costs have jumped each year by about 10 percent. This month, Consumer Reports is offering a useful primer on keeping your ride in great shape, suggesting what might be the best options for searching out a repair shop, depending, as CR says, “on your car and your situation.” Author Ben Preston identifies three basic types of repair facilities: dealership service departments, independently owned repair shops, and chain repair shops. Building up trust with a specific shop and feeling comfortable going there is important. Preston quotes John Ibbotson, chief mechanic at Consumer ReportsÂ’ Auto Test Center: "You might be able to save a few bucks by going to whichever shop offers the cheapest prices, but if you want consistent, reliable service, itÂ’s best to find a repair shop you trust and stick with it,” Ibbotson says. The story goes on to evaluate each type of service facility. HereÂ’s a breakdown of CRÂ’s findings: Dealerships These work well for owners of newer cars, especially for covered warranty work. But the disadvantage is the high labor rates common to dealer service. Satisfaction ratings for dealer service departments range from very good (Acura, Lexus, Mazda, and Volvo) to not-so-good (Jeep and Kia). Dealers are best for: Fixing infotainment system glitches: "If the screen in the center of your dash has a habit of freezing up, or the touchscreen-activated climate controls arenÂ’t working, the dealership is the most likely place to find someone with the know-how to fix problems that maybe only a factory-authorized technician can access," Ibbotson says. Safety system recalibration: "Anything from a crack in your windshield to a minor fender dent can upset the calibration of the sensors that make features like automatic emergency braking and adaptive cruise control work," says Ibbotson.

Volvo ditches the diesel engine

Having already committed to producing nothing but electric vehicles by 2030 and being "climate neutral" by 2040, it doesn't come as a major surprise that Volvo will stop building and selling diesel-fueled vehicles next year. Way back in 2017, Volvo signaled its intention to phase out diesel engines due to rising costs of emissions technologies. Still, hearing that the very last Volvo ever to be fitted with a diesel engine will be built "a few months from now" may raise an eyebrow or two and serves as a clear reminder that in a few short years we'll be reading similar press releases about gasoline from the Swedish automaker and many others. There are two clear reasons why Volvo is ditching diesel. The first, according to Volvo Chief Executive Jim Rowan, is that electric is simply better. “Electric powertrains are our future, and superior to combustion engines: they generate less noise, less vibration, less servicing costs for our customers and zero tailpipe emissions,” says Rowan. The second reason behind the decision to depart the diesel market is similarly clear: climate change. Rowan says, "It is high time for industry and political leaders to be strong and decisive, and deliver meaningful policies and actions to fight climate change. WeÂ’re committed to doing our part and encourage our peers as well as political leaders around the globe to do theirs." Highlighting how quickly things have changed for Volvo, the automaker says that the majority of cars it sold in Europe as recently as 2019 were powered by diesel engines. Now, in the year 2023, the company says "that trend has largely inverted itself since then, driven by changing market demand, tighter emission regulations as well as our focus on electrification. The majority of our sales in Europe now consists of electrified cars, with either a fully electric or plug-in hybrid powertrain." Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Volvo Emissions Diesel Vehicles Electric Luxury