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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 EX90 will lack certain features on launch, to come later with OTA updates

Turns out there's an asterisk to the news of Volvo commencing production of the EX90 at its South Carolina plant this month. The automaker sent an e-mail to customers awaiting delivery that certain features won't be installed on some delivered units, and posted a notice on its customer help site listing the 10 features that could be missing. Four are safety and ADAS features, one of those related to the lidar system, one of Volvo's primary talking points concerning the EX90. The automaker says the "Lidar first safety scenario" will get an "update that increases the car's abilities, even in darkness — and emergency steering is primed if needed to avoid a collision." It sounds like this means there will be some lidar capability, just not the planned breadth.  Four more items deal with the battery and charging. The most unwelcome might be a battery drainage issue while parked, Volvo saying that for the first three days the EX90 is parked without charging it will lose around 3% of battery charge. This is because the core computing system needs to remain on to run the car's "highly advanced functions" — whatever that means — when the SUV isn't being used. After 72 hours, the EX90 "will go into a deep sleep mode to conserve battery power." Why can't the EX90 enter a deep sleep mode an hour after the car is parked? Because software is hard. Smart charging and Plug & Charge could also be lacking, those features making charging less costly or more convenient without extra steps needed from the driver. Bi-directional charging won't come at first, either, so EX90 buyers should hold on to those portable battery banks.  The two final software puzzle pieces are Apple CarPlay, out to lunch for now, and the one we consider most surprising item on the list, a light theme for the driver cluster and infotainment. On delivery, owners should expect a dark theme only on the digital displays. EX90 deliveries aren't slated to begin until later this year, though, so the OTA list could shrink (or grow) before then.

Best 3rd Row SUVs of 2024

If you plan on using a vehicle's third row a lot, let us at least make the suggestion that a minivan would be a smarter bet than anything you're going to see on this list of best three-row SUVs. Their third rows are bigger, more comfortable and easier to get to. The kids will definitely be happier. Here are our two top choices.  OK, now that that's out of the way, we totally get why minivans are totally depressing and that if the kids want to be happier, they can buy their own darn vehicle. You're buying, you're driving, you're being seen in it and you'd rather have a three-row SUV. Fair enough. Luckily, there are more choices than ever and they're really good. The best do a particularly good job of being family friendly without looking like a drab transportation appliance, although really, you can't go wrong with any of the mainstream three-row SUVs. Now, some of the luxury choices are a bit suspect, including those that are otherwise very appealing but have cramped third-row seats (the Genesis GV80 comes to mind). We're focusing on three-row SUVs here, so having a usable third row is a must.   In this list, we have broken things down into four sub-categories: Best Three-Row Crossover |  Best Full-size Three-Row SUV Best Luxury Three-Row SUV |  Best Flagship Luxury Three-Row SUV Note that we define crossovers as SUVs since most buyers use the terms interchangeably, but acknowledge that "crossover" is literally a vehicle with a car-like unibody structure as opposed to the truck-like, body-on-frame construction that traditionally has defined "SUV." In other words, we consider all crossovers SUVs, but not all SUVs are crossovers (specifically those in the full-size segment and some in the flagship luxury segment). Best Three-Row Crossover SUVs of 2024 2024 Honda Pilot Why it stands out: Exceptional storage and cargo space; unique second-row functionality; refined ride; versatile and capable TrailSport; advanced AWDCould be better: Subpar acceleration with lackadaisical transmission and engine response; so-so driver assistance tech Read our full 2024 Honda Pilot Review The Honda Pilot was completely redesigned for 2023. It maintains its predecessor's family friendly packaging and overall focus, but it has injected a welcome sense of style (especially in the TrailSport pictured above) that makes it stand out much better from the big crossover crowd.