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Volvo Cars sees flat or lower retail sales this year

STOCKHOLM — Volvo Cars flagged a potential dip in retail sales this year after posting higher second-quarter profits. Supply problems, above all a global shortage of semiconductors, have squeezed output and retail sales in recent quarters, but Volvo said it was seeing a "marked improvement" in the stabilization of its supply chain. The Sweden-based carmaker said on Wednesday it expected full year retail deliveries to be lower or on par with 2021, while wholesale volumes will increase. "However, due to the time lag between production and retail deliveries, those improvements are not expected to result in an increase in retail sales during the calendar year," the company said. Volvo Chief Executive Jim Rowan said the company would "keep an eye on" consumer sentiment, not least due to higher inflation. "But right now demand is very strong," he said. Volvo's quarterly operating profit rose to 10.8 billion Swedish crowns ($1.06 billion) from 4.8 billion a year ago as accounting effects from the listing of high-performance automaker Polestar gave a boost. Operating earnings for the core business at Volvo Cars, majority owned by China's Geely Holding, reached 4.6 billion in the quarter. "Volvo reported a solid set of Q2 results in the light of multiple hurdles including semiconductor constraints and impact of Chinese lockdowns on demand," investment bank JPMorgan said in a note. Volvo has been a strong performer in recent years and recorded 2021 earnings that surpassed pre-pandemic levels. 

Apple announces CarPlay in-car iPhone interface

Apple, maker of tech items like the iPhone, iPad and Mac line of computers, is extending its reach into the automotive market, making a fairly big announcement ahead of the Geneva Motor Show. No, it hasn't bought Tesla (yet). Instead, Apple has announced CarPlay, an all-new means of controlling an iPhone through your car.
Now, this doesn't strike us as some gimmicky thing. It's become increasingly common for automakers to take advantage of the high-speed data streams its customers enjoy on their smartphones in order to integrate navigation, traffic, audio and other infotainment items into a car's touchscreen interface. The Chevrolet Spark and Sonic are two prime examples of this move, using an iPhone's data stream for Siri integration and data for a third-party navigation app.
Owners will be able to plug in their iPhones to their cars via the USB port and gain control of a number of the device's functions, all through a car's touchscreen.

Lotus could be sold to Chinese automaker Geely

Two things are constant throughout the history of Lotus Cars: amazing vehicles, and financial struggles. Frequent changes in both ownership and leadership have left the company's future up in the air. And while the new management has improved quality and set a new product plan in place, its seems that Lotus could have a new parent company soon. Despite comments to the contrary, Chinese automaker Geely is rumored to be interested in acquiring Lotus Cars. The British automaker has been owned by Proton since 1996, but after Proton was sold to DRB-Hicom in 2012 investors suggested selling off Lotus. The Star Online reports that PSA in France is rumored to be looking at purchasing Proton cars from DRB-Hicom. In turn, Geely, the parent company of Volvo, is interested in purchasing Lotus from Proton. The report states that Geely has no interest in mass-market vehicles from Proton, while crossover-focus PSA, owner of Peugeot and Citroen, has no interest in a sports car manufacturer like Lotus. China has been encouraging its native automakers to purchase and acquire technology it lacks. Buying Lotus looks like it would benefit both companies. Lotus needs an influx of cash while Geely, looking to compete further on the global stage, would gain a great deal of technical and engineering knowledge from Lotus. Geely's stewardship of Volvo has been mostly hands-off, while giving the Swedish company enough money to invest in new platforms and technologies. If the same were to happen to Lotus, Colin Chapman's company could have its best years ahead of it. Related Video: News Source: The Star Online via Car BuzzImage Credit: Getty Rumormill Lotus Volvo Citroen Peugeot Lightweight Vehicles Performance Supercars Geely