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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 shuts down Gothenburg plant due to chip shortage

STOCKHOLM — Volvo Cars, owned by China's Geely Holding, will temporarily stop production at its Swedish plant in Gothenburg due to the shortage of semiconductor chips, it said on Wednesday. A global chip shortage has hit manufacturing, with automakers cutting down on production and electronic device makers struggling to keep up with a pandemic-led surge in demand for phones, TVs and gaming consoles. "Production at Torslanda will be paused temporarily from this evening due to a material shortage linked with the semiconductor issue," Volvo Cars said in an emailed statement. "Production will restart as soon as possible, at the latest before next week," the Swedish carmaker, which in June halted production at its Belgian plant in Ghent for a week, said. Volvo Cars, which last month reported a return to profit in the first half as demand for electric cars grows, is considering listing on the Nasdaq Stockholm stock exchange this year. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Google's new HD Maps to launch with Volvo EX90 and Polestar 3

Volvo and sister company Polestar will be partners in launching Google's new HD Maps service -- an integrated solution designed specifically for automotive applications that pulls realtime data to improve vehicle navigation. The new tech will launch in Volvo's all-electric EX90 and the Polestar 3. HD Maps will integrate sensor data with real-time traffic information to better enhance route planning and will talk to the onboard Pilot Assist semi-autonomous suite to provide highly accurate information about the vehicle and its surroundings. Volvo says the new suite will be available on models equipped with its Pilot Assist system. "The addition of Google HD Maps in our future car lineup marks an expansion of our strategic collaboration with Google, reflecting our commitment to work with technology leaders," says COO and Deputy CEO Javier Varela. "Implementing Google HD Maps in our upcoming cars will help us offer our drivers a more enjoyable driving experience and in future contribute to the introduction of safe autonomous driving." "Building on our long history of mapping the world, Google’s new HD map is designed specifically for automakers and provides comprehensive lane-level and localization data that is crucial to powering the next generation of assisted and autonomous driving systems," says Jorgen Behrens, VP and general manager of Geo Automotive, Google. "WeÂ’re excited to continue partnering with leading automakers like Volvo Cars to improve the safety and comfort of drivers everywhere." Volvo's existing relationship with Google brought us the Android Automotive operating system (not to be confused with Android Auto, the app) currently rolling out across the brand's lineup. In fact, the two companies announced that the latest over-the-air update the company will deploy includes Google Assistant updates. It is expected to reach 350,000 customers worldwide.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.