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Volvo Cars laying off 1,300 as it steps up cost cuts

Volvo Cars will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based automaker said on Thursday. While an earlier efficiency drive had begun to show results, with Volvo this week reporting a strong first quarter, more efficiency was needed, CEO Jim Rowan said in a statement. "Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time," he said. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan told Reuters the group did not yet know how much it would save from the new measures. "We're still working the details through on that," he said in an interview. The company said it had issued redundancy notices for 1,100 employees, while the remaining 200 white-collar positions would be identified following a review of the business across Sweden. It said it also expected to cut jobs and reduce costs across its global operations in the coming months, including its consultancies. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. "We sell in over 80 countries or so worldwide, so I think there's opportunities for us to become more efficient across the entire network," he told Reuters. Volvo Cars shares were down 3.87% at 0848 GMT.   Earnings/Financials Hirings/Firings/Layoffs Volvo SUV Luxury

Volvo studying test of electric roads in Sweden

Volvo already announced the results of a study of wireless charging using a stationary C30, and now it's embarking on a more ambitious study of wireless charging involving moving city buses. Next year, in conjunction with the Swedish Transport Association, Volvo will build a section of electric road up to 500 meters long that would use inductive charging to refill the batteries while the bus drives over it.
Right now, the company's Hyper Bus diesel hybrid has to stop to plug in and charge at the end of its route. The company is looking for a way to keep buses in service while being able to run on electric power for greater lengths of time. The new line used for the study will be called ElectriCity, and will come online in central Gothenburg sometime in 2015. There's a press release below with more information.

Aurora, Volvo partner on self-driving heavy trucks

Global heavy truck manufacturers are lining up technology partners to help build out self-driving systems for long-haul freight that could see widespread commercial service well before self-driving robotaxis. The latest alliance was announced Tuesday between Sweden's Volvo Group and California-based Aurora Innovation, building on a working relationship that dates back several years, the partners said. Analysts expect more such partnerships, as relatively young technology firms such as Aurora connect their autonomous vehicle systems knowledge with the deep manufacturing experience of legacy companies such as Volvo Trucks. “You can't go at it alone in autonomy," said Grayson Brulte, president consultancy Brulte & Company. "The trucking industry is a completely different personality" than the passenger vehicle business, with different requirements. Most of the larger truck manufacturers have turned to self-driving tech partners, driven in part by a chronic shortage of drivers and a boom in e-commerce, fueled by the global pandemic. In January, Aurora announced a strategic partnership with U.S. truckmaker PACCAR, whose brands include Peterbilt and Kenworth. Aurora's founders include self-driving veterans from Tesla and Alphabet's Waymo. Aurora last year said its first commercial product would be in trucking "where the market is largest (and) the unit economics are best." In 2020, Waymo Chief Executive John Krafcik told Reuters that "goods delivery is a bigger market than moving people" as Waymo expanded its focus to include heavy trucks. Germany's Daimler has formed a self-driving truck alliance with Waymo, while China's largest heavy truck maker, FAW Jiefang, has partnered with Plus AI. Volkswagen's Traton truck group is an investor in TuSimple, as is U.S. truckmaker Navistar. In a January earnings call, Tesla Chief Executive Elon Musk said the long-delayed Semi electric truck is highly likely to be the first of the company's vehicles to achieve full self-driving capability. Green Volvo Truck Autonomous Vehicles Commercial Vehicles volvo trucks Aurora