1992 Volvo 240 Sedan on 2040-cars

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Volvo Cars sees 'tremendous growth' in EVs, CEO says

DAVOS, Switzerland — Volvo Cars remains confident of "tremendous growth" in the electric vehicles market, CEO Jim Rowan told the Reuters Global Markets Forum in Davos on Wednesday, countering gloomier projections from rivals. The carmaker, which aims for electric vehicles (EVs) to contribute half its sales volume by mid-decade and to sell only EVs by 2030, said the growth in demand for its premium brand was stronger than that of mass-market rivals. "We have much more pricing power and people have got more disposable income so they can afford it if they want to drive an EV," Rowan said. The Volvo Cars CEO said that, in contrast to others, he saw good growth globally for electric cars, with particular strong demand in Europe. Over the past year, many automakers have warned that the anticipated growth of EVs has been slow to emerge due to poor demand, heavy price cuts, lower subsidies, and supply chain issues. Volvo has previously said that it has no intention of participating in the Tesla-ignited price war due to its position as a premium brand and saw good margins on its electric cars. Higher costs caused by disruptions on shipping in the Red Sea would also not affect customers, the CEO said, who stated that any additional costs would be absorbed by Volvo. Last week, Volvo said it would halt production at its factory in Belgium for three days as a result of a delivery of gearboxes being delayed due to the disruption. The CEO also told Reuters that he had high ambitions for India in the next five years with plans to launch the more affordable EX30 there in 2025. By the Numbers Green Volvo Electric Future Vehicles

Volvo C40 Luggage Test: How much cargo space?

The Volvo C40 is the chopped-roof "coupe" version of the Volvo XC40, albeit without the internal combustion powertrain options. It's Recharge or nothing. As an electric vehicle, the C40 (or EC40 as it's apparently being renamed) is quite agreeable, with ample range and performance, plus a refined driving experience indicative of a Volvo that is quite clearly more sophisticated than the Hyundais, Kias and Volkswagens of the world. The interior up front is highly functional, too, with clever storage and good tech. Oh, and the gray wool upholstery is just beautiful.  But good grief, is the rear visibility atrocious. The back window is comparable to a pillbox and the blind spot is enormous. Worse, the various cameras supposedly on board to counter those flaws are just not effective. The rearview camera is mounted so low that its field of view is poor. The rearview camera mirror is susceptible to water droplets and condensation, and worse, the mirror housing is effectively pointed at the ceiling. That ceiling is glass and there is no shade. Ergo, if the sun is behind you, the amount of glare on the mirror renders it unviewable. If the roof is covered in condensation and the sun is behind you, there might as well be a brick mounted to the ceiling.  OK, I've gone off the rails here, but I just had to get that off my chest. The XC40 Recharge (or EX40 as it'll be called in the future), didn't have that problem, and I'm sure this isn't exactly a spoiler, it has a more usable cargo area, too.  Just in case it's not obvious, the C40/EC40 and XC40/EX40 is on the right. I'm done doing that / business, so I'm just going to make this future-proof from here on out. Volvo's specs say the EC40 has 17.3 cubic-feet of cargo space and specifically indicates that includes the underfloor storage area. When seemingly using that same measurement, the EX40 has 20.4. Honestly, I have no idea how that equates to the typically reported cubic-foot volume number of other manufacturers, but as a point of reference to each other, I'm going with those figures.  Both have an underfloor storage area, including a lid that cleverly props itself up so you can divide the cargo area for the purposes of keeping smaller items in place. There's also two little tabs that stick up specifically intended to loop grocery bags onto.  Now, I wrote off this area in the XC40 luggage test since it wasn't big enough to hold the smallest (fancy) bag, shown above in blue.

Volvo blames EU tariffs as it lowers its 2024 sales forecast

STOCKHOLM — Volvo Cars cut its full-year retail sales forecast on Thursday, blaming European tariffs on EVs made in China that will hit one of the Swedish automaker's key electric models until it shifts production to Belgium. While reporting better than expected second-quarter results that sent its shares up 6% in morning trade, Volvo lowered its forecast for sales growth this year to 12%-15%, down from 15%. "It's really driven by tariffs," CEO Jim Rowan told Reuters. "It's a short-term issue for us, but it is an issue and we're just going to have to deal with that." Rowan said that while Volvo still hoped for 15% growth, it was now providing a range given the uncertainty. "We wanted to put a floor on that for the markets to say we're still going to grow but there are some headwinds," he said. Earlier this month, the EU announced provisional tariffs of up to 37.6% on imports of EVs made in China, saying they benefited from unfair subsidies — an allegation Beijing rejects. Volvo is majority-owned by China's Geely and faces a 19.9% tariff on its Chinese-made fully-electric EX30. Rowan said the Swedish automaker faced a "minimum of six months" of tariffs until it moves EX30 production to Belgium, which is expected to start early next year. Volvo said the main ramp-up of EX30 production at its factory in Ghent was expected during the second half of 2025. Bernstein analysts said in a note that the new sales guidance was "sensible given todayÂ’s macroeconomic situation." Major automakers have seen slowing demand for EVs, driven in part by a lack of affordable models and the slow rollout of charging points. Meanwhile, U.S. and European automakers have reported strong sales of hybrids, and are rolling out more such models to meet demand. Volvo said it saw a "modest decline" in orders for fully electric models in the second quarter, but noted "demand for hybrid cars remains very strong". "We will continue to invest in this line-up and these cars form a solid bridge for our customers not yet ready to move to full electrification," Rowan told analysts in a conference call. Volvo produced 211,900 cars in the second quarter, more than it sold amid the decline in European demand for EVs. Its operating income, which includes its stake in loss-making Polestar, rose to 8 billion crowns ($758 million) from 5 billion crowns a year earlier. That topped the 6.7 billion crowns expected by analysts, LSEG data showed.