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Carmakers, NHTSA to unveil auto-emergency braking agreement tomorrow

Happy St. Patrick's Day Eve. Tomorrow, there will be green beer, corned beef and cabbage, and automatic emergency braking for all. Weird combo, we know. But on St. Patty's we can expect an official announcement from a pact of automakers making auto-braking systems standard equipment by 2022. That's per a report from Reuters, which cites three sources familiar with the plans. Originally announced in September 2015 by 10 automakers and the National Highway Traffic Safety Administration, the agreement is expected to be even larger when the details are unveiled tomorrow. According to Reuters, the manufacturers of 99 percent of the US domestic market's vehicles will be represented by the new agreement. It's believed that standard AEB systems could prevent thousands of accidents across the country. Expect more on the official announcement when it's made. Related Video:

Volvo Car partners with Northvolt to develop and produce batteries

STOCKHOLM — Volvo Car Group, owned by China's Geely Holding, announced plans on Monday for a joint venture with Swedish battery maker Northvolt to develop sustainable batteries for its electric cars and set up a factory for production. The companies aim to set up a research and development center in Sweden to begin operations in 2022 and start a factory in Europe with a potential capacity to produce up to 50 gigawatt hours (GWh) per year in 2026. "Working closely with Northvolt will also allow us to strengthen our in-house development capabilities," said Hakan Samuelsson, chief executive at Volvo Car Group. Northvolt will become Volvo Cars' exclusive battery cell production partner in Europe. The factory will be powered by clean energy and is expected to employ around 3,000 people. The location of the plant has yet to be decided. Northvolt raised $2.75 billion in equity this month to expand capacity at the factory it is building in northern Sweden, and Volvo plans to source battery cells from that battery plant starting in 2024. German carmaker Volkswagen is Northvolt's biggest shareholder, and the battery maker has also got contracts worth billions from the likes of BMW and Scania. Battery makers are scrambling to keep up with demand as carmakers switch to electric in order to reduce planet-warming carbon emissions. Volvo Cars aims to sell 50% pure electric cars by the middle of this decade, and by 2030 it aims to sell only fully electric cars. Electric successor to Volvo's XC60 model will be the first car to feature battery cells developed through the joint venture.

Geely to sell $1.3 billion of Volvo Truck shares

China’s Zhejiang Geely Holding Group is selling the entirety of its Class B shares in truckmaker Volvo AB that were worth 14.46 billion Swedish krona ($1.32 billion) at the close of trading in Stockholm. In a statement, Geely said the divestment is “in accordance with its long-term strategy” and that it will remain VolvoÂ’s second-largest investor with 88.5 million A shares. “Geely HoldingÂ’s strategic adjustment and inclusion of AB Volvo in its automotive manufacturing and investment portfolio is part of the groupÂ’s risk management and diversified investment strategy,” the company said.   Geely is offering the 49.5 million shares through BofA Securities, Goldman Sachs Bank Europe and Barclays, according to a term sheet. The Sweden-based holding company that owns GeelyÂ’s stock guided that itÂ’s selling for SEK285.9 a share, a more than 2% discount from its closing price. Volvo reported first-quarter operating profit that beat analystsÂ’ expectations on Wednesday, as the truckmaker offset waning orders by charging higher prices. The company has been reducing production as demand returns to more typical levels following a post-pandemic recovery period. Its shares have advanced 12% this year. Geely pared its stake in Volvo in January and also sold some of its holding in Volvo Car AB in November. The holding company behind one of ChinaÂ’s most prominent carmakers early this year had to bail out Polestar, the struggling electric-vehicle manufacturer it started along with Volvo Car.   Earnings/Financials Volvo Truck Commercial Vehicles volvo trucks