Volvo Cars in talks with California to reach emissions deal

Images of Volvo Concept 40 Series EV Electric

Volvo Cars confirmed that it is in talks with California to reach a voluntary emissions agreement. Mary Nichols, who heads the California Air Resources Board, revealed earlier Volvo planned to join Ford Motor, Honda Motor, BMW AG and Volkswagen AG . In July, the four struck an agreement with California to embrace emissions standards that were more strict than the Trump […]

Geely Holding warns of coronavirus crisis after 35% 2019 profit drop

Geely automobile holding

Chinese automaker Geely Automobile Holdings on Monday stated 2020 may be one of the “most difficult years” in its history, as pressure emerging from the coronavirus crisis on production and sales is likely to continue in the near future. The automaker also said the decline in sales drove net profit down 35% in the last year when the country’s […]

Geely Holdings considering merger deal with Volvo Cars

Geely Holdings and Volvo Cars

Volvo Cars and its owner Geely Holding stated Monday they are thinking about combining their businesses to form a company that would speed up “financial and technological synergies between the two companies”. A combined company would maintain the unique identity of each of the brands Volvo, Geely, Lynk & Co and Polestar, Volvo’s electric brand. […]

Volvo raises $215 million in bond issue months following failed IPO

Images of Volvo Concept 40 Series EV Electric

Sweden’s Volvo Cars has raised some 2 billion Swedish crowns ($215 million) in a bond issue just five months after the Chinese-owned carmaker terminated plans for a stock market flotation, blaming trade tensions and a downturn in the sector. Carmakers like Volvo face heavy expenditure in developing electric and driverless cars, just as diesel engines […]

Volkswagen purchases WirelessCar for $122 million

WirelessCar

Volkswagen (VW) is purchasing a controlling stake in Volvo’s WirelessCar, a digital service developer skilled in connected driving, for 1.1 billion Swedish crowns ($122 million), the companies stated on Wednesday. The automaker said WirelessCar technology would further its mission of developing value-added services for consumers by allowing safe and stable data exchange between operating systems […]

Volvo is not thinking of diesel car retrofits in Germany

Volvo XC40

Volvo is not thinking of any hardware retrofits for diesel vehicles in Germany, a company spokeswoman stated on Monday, rejecting a report by Germany’s Der Spiegel magazine that included that the Swedish automaker was mulling that option. “They’re drawing the wrong conclusions,” the spokeswoman stated. Volvo is following the discussion in Germany, she stated, including: […]