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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

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.

Volvo returns to profitability

Ford sold Volvo to Zhejiang Geely Holding Group Limited in 2010. Just two years later, Geely announced an $11-billion investment in the Swedish carmaker, its charismatic fugleman Li Shifu saying, "We want to revive Volvo and give the brand its strength back." Two years later, after having introduced the Concept XC Coupe at the Detroit Auto Show this week, Volvo CEO Håkan Samuelsson (above, second from right) declared the company profitable again after a solid 2013 and predicted a positive 2014.
Intending to break even on operating profit in 2013, Volvo exceeded expectations and landed on the plus side due to a mix of factors. US sales declined 10.1 percent for the year to 61,233, that number still making us Volvo's largest market, but Chinese sales were up nearly 46 percent to 61,146 units, and even its home market saw a bump of 0.8 percent; total sales for the year were 427,840, a margin of 1.4-percent over the previous year. Volvo was able to do more with the tiny gain and reverse its half-year operating loss because of a global cost restructuring and thorough revamp of its Chinese distribution network. An announcement of 2013's financial results will come in March.
Bullishness on 2014 comes from the company's intention to focus on its two biggest markets with new models, new technology and more spending. The first product of an independent Volvo, the new XC90, will be revealed later this year on the new SPA architecture. On top of the Sensus Connect infotainment system, Volvo will add driver-aid systems like adaptive cruise control with steer assist and night-time pedestrian detection. It also has a new North American CEO and will spend more on marketing and communications here. In China it will begin to feel more effect from the two Chinese factories opened last year - it has three in the country - and, if need be, can take advantage of more advantageous exchange rates by exporting from China instead of the US. Said Samuelsson of what he expects in the US in 2014, "we will outperform the market."