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Volvo ditches leather in its EVs for 'Nordico' and wool blends

Volvo is putting its stake in the sand when it comes to leather in its EVs. Essentially, there will be none of it. This move comes out of concern around the environmental impacts of cattle farming, as livestock is responsible for a big slice of greenhouse gas emissions. The move away from leather was touched on when Volvo revealed its new C40 electric crossover, but now Volvo is telling us exactly what it’s replacing the cowhides with. The main replacement is something Volvo calls “Nordico.” ItÂ’s a material designed and created by Volvo, and the company hopes it becomes the “new standard for premium interior design.” WhatÂ’s Nordico made out of, you ask? Volvo says it consists of textiles produced from recycled PET bottles, recycled cork and “bio-attributed material” sourced from forests in Sweden and Finland. Nordico is set to make an appearance in the “next generation of Volvo models,” so expect to see it rolling into dealers on new Volvo EVs soon. In addition to Nordico, Volvo says it will continue to offer its wool blend interior options. Volvo specifically calls out that it uses wool that is certified to be sourced responsibly in the wool supply chain for the sake of animal welfare. Beyond that, Volvo is continuing to research even more materials it could use as seat and interior coverings to replace or simulate leather — weÂ’re just not sure what those materials will be just yet. “Being a progressive car maker means we need to address all areas of sustainability, not just CO2 emissions,” says Stuart Templar, director of global sustainability at Volvo Cars. “Responsible sourcing is an important part of that work, including respect for animal welfare. Going leather-free inside our pure electric cars is a good next step towards addressing this issue.” Volvo isnÂ’t calling the entire interior “vegan” at this point, though. ItÂ’s planning on reducing the use of products from livestock in its plastics, rubber, lubricants and adhesives, but the cars arenÂ’t totally devoid of reliance on animals yet.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

Volvo agrees to transfer tech to new parent Geely

Following the acquisition of Volvo by China's Zhejiang Geely Holding Group in 2010, we definitely saw this news coming. The two companies have signed an agreement that will give Chinese automaker Geely access to key technologies developed by Volvo, and in turn, the deal could help the Swedish automaker lower its production costs.
As a part of the "technological cooperation agreements" signed by both companies, Automotive News China reports that Geely will be able to tap Volvo for three much-needed technologies, including the use of a midsize platform, Volvo's proven safety innovations and interior air quality systems. The latter two technologies are important to improve the crashworthiness of Geely's cars, along with helping isolate vehicle occupants from China's often severe air pollution. The report says that Volvo tech will likely be used on a premium car brand that Geely is expected to create.
Volvo, on the other hand, is to benefit from the "local market exploration experience and cost control experience" of Zhejiang Geely Holding Group, which is technical way of saying that Volvo will be able reduce its costs by tapping into Geely's established supply chain.