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Volvo's latest export from Sweden: paid parental leave

STOCKHOLM — Volvo Cars will offer all its employees worldwide 24 weeks paid parental leave in a bid to support female executives and equal parenting. The carmaker, which is based in Sweden but owned by China's Geely Holding, has over 40,000 employees. From next month, all staff who have worked in Volvo plants and offices for at least a year will be entitled to the leave each time they have a child and will receive 80% of their base pay during the period, the company said on Tuesday. Sweden is one of few countries that already offers leave by law for either parent. "Some countries do not offer any paid leave to new parents, or exclude certain groups of parents – the latter is particularly true for fathers," the company, which previously did not have a global policy but adapted to local regulations, said in a statement. Around a third of Volvo's senior managers are currently female. The company aims to raise that share to 50%, a spokeswoman said, adding that Volvo's new policy will improve conditions for staff on parental leave not least in China and the United States. "When parents are supported to balance the demands of work and family, it helps to close the gender gap and allows everyone to excel in their careers," said Volvo Cars CEO Hakan Samuelsson. The global policy applies to either parent and the leave can be taken anytime within the first three years of parenthood. In Sweden, new parents are in general entitled by law to around a year of parental leave on up to 80% pay.  

Volvo Cars to dilute stake in EV maker Polestar

Volvo Cars said on Friday it plans to distribute 62.7% of its stake worth 9.5 billion crowns ($920.17 million) in Swedish electric vehicle manufacturer Polestar Automotive Holding to its own shareholders. After completion of the proposed distribution, Sweden-based Volvo Cars said it will retain an 18% stake in Polestar. The heavy involvement by Sweden-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticized by analysts who see the stake as a drag on Volvo's resources. "As we have significant operational collaborations with Polestar and a financial relationship, it is logical for us to retain influence through a smaller 18% stake in Polestar," said President and CEO of Volvo Cars Jim Rowan. The company said it has a financial relationship with Polestar through an outstanding convertible loan of $1 billion. China's Zhejiang Geely Holding, which is a majority owner of Volvo Cars, will continue to provide operational and financial support to Polestar. The stake distribution will be made through a 2:1 share split, followed by an automatic share redemption process, Volvo Cars said. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Polestar O2 Concept revealed with autonomous drone footage

How the new Volvo EX90 electric SUV adds revolution to the evolution

The all-new, all-electric Volvo EX90 does not appear to be radically different from the XC90, the vehicle it will eventually replace. It has nearly the same dimensions, inside and out. It sports familiar, familial design cues, including T-shaped “ThorÂ’s Hammer” headlights, a squared-off hood and roofline, sharply-swaged and deeply-scalloped flanks and tall taillights that fringe the hatch. Inside, three accessible rows of seats are done up in an upscale Scandinavian Modern motif, like an Arne Jacobsen furniture showroom. But if one looks closely, one begins to notice key differences. First, there is the blunt, closed snout up front. It may be grille-less, but itÂ’s still bedecked with VolvoÂ’s Iron Mark. Then, dead centered above the rearview mirror, like a pair of reading glasses canted atop oneÂ’s forehead, is a protruding hump. These hint at the EXÂ’s most comprehensive distinctions from its predecessor. The new full-size crossover is engine-less, the first Volvo to be built on an all-new battery-powered electric vehicle platform. And housed in that hump, is another first, the initial consumer vehicular integration of a functional lidar — like radar, but using light instead of sound waves — used to allow the carÂ’s advanced driver assistance systems (ADAS) to “see” further down the road, even around bends and through some objects. Eventually, allegedly, it will also allow for “unsupervised driving” capabilities. Both of these features are signifiers of VolvoÂ’s latest, but ongoing, missions. The first is its commitment to a full electrification of its entire passenger car fleet, which it plans to accomplish by the end of this decade. The second is the brandÂ’s well-known leadership in vehicular safety. Volvo claims that its new suite of sensors (16 ultra-sonic, eight cameras, five radars and the lidar) can help prevent 10% of vehicular collisions and 20% of serious injuries, part of the brandÂ’s mission to prevent anyone from being killed or seriously injured in a Volvo. ThereÂ’s even a group of sensors monitoring the driverÂ’s wellbeing to make sure theyÂ’re not sleepy or wasted, while concurrently scanning the passenger compartment to ensure that no child or pet was left behind due to that aforementioned tired or inebriated state. If they forget, theyÂ’ll get an alert on their phone, which is also their key, and the A/C or heater will automatically turn on so the precious (yet forgotten) cargo doesnÂ’t bake/freeze.