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Which car companies are creating new jobs in America?

Since January, automakers have announced investments totaling $9.5 billion in U.S. plants, creating or retaining more than 12,000 jobs. Some of those companies have yet to announce just how many jobs will be created given their investments, with the location of many of those jobs still to be determined. Specifically, the 4,000-job Toyota-Mazda joint venture plant still hasn't announced its location, with numerous states jockeying for it. Hyundai has plans to invest $1 billion but has not announced a jobs number yet. And likewise Ford is investing $1.2 billion in Michigan without specifying a number of jobs. Volvo this week announced plans to add a second line to its factory under construction in South Carolina, spending another $500 million and adding 2,500 jobs to the 2,000 it was already trying to fill. Then Thursday, Daimler announced a $1 billion expansion to its facility in Tuscaloosa, Ala., to produce EV batteries and electric SUVs, a move that will add 600 jobs to its hiring this year. Above, we've created a handy pie chart showing you which companies have announced new jobs and how many there will be. Reporting by Paul Lienert in Detroit News Source: Reuters Plants/Manufacturing BMW Chrysler Ford GM Honda Hyundai Mazda Mercedes-Benz Toyota Volvo jobs

Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.

Volvo to adopt NACS port, partners with Tesla for Supercharger access

Volvo is the next automaker to announce that it’s signed an agreement with Tesla with will allow its current and future electric vehicles use of the Supercharger network. Plus, just like Ford and GM, Volvo says its new EVs from 2025 on will be equipped with the North American Charging Standard (NACS) port instead of the Combined Charging System (CCS) port. This agreement makes Volvo the first European automaker to adopt TeslaÂ’s charge port and gain access to the 12,000-plus Superchargers across the U.S. Volvo says that owners of its EVs will be able to access Superchargers as early as the first half of 2024 with an adapter. For Volvo EVs built with the NACS port, Volvo says those vehicles will still be capable of charging on CCS chargers with an adapter provided by Volvo. Volvo didnÂ’t explicitly say that the Supercharger network would be integrated into its carsÂ’ native navigation system (which is just Google Maps these days), but it did say that folks will be able to use the Volvo Cars app to do so. Via the app, youÂ’ll be able to locate chargers, get real-time availability info and pay for charging sessions. “As part of our journey to becoming fully electric by 2030, we want to make life with an electric car as easy as possible,” said Jim Rowan, Volvo CEO. “One major inhibitor to more people making the shift to electric driving – a key step in making transportation more sustainable – is access to easy and convenient charging infrastructure. Today, with this agreement, weÂ’re taking a major step to remove this threshold for Volvo drivers in the United States, Canada and Mexico.” Stay tuned, as itÂ’s only a matter of time until more and more automakers make a similar decision as Ford, GM and Volvo just made. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.