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Man convicted of spying on truck maker Scania for the Russians

STOCKHOLM — A Swedish court on Wednesday sentenced a 47-year-old man to three years in prison for spying for Russia, which involved selling secret information from truck maker Scania. The court said it had found the man guilty of acquiring and selling the secret information from the truck maker to a Russian embassy official. The court acquitted the man of similar espionage charges at Geely-owned carmaker Volvo Cars. "To be convicted of espionage, it is required that Sweden's security can be damaged if the information benefits foreign powers," the court said in a statement. "The district court has ruled that this is the case with regard to the information that the man obtained from Scania, while it has not been proven that this is the case with regard to the information from Volvo." The court statement said the man regularly received cash at his meetings with the Russian embassy official, which it considered was compensation for the information provided. The man, who has denied wrongdoing, was apprehended whilst meeting the diplomat in a restaurant, having just received 27,800 Swedish krona ($3,242). He worked as a consultant for Volvo Cars in 2016 and 2017 and for Scania in 2018 and 2019, until he was arrested. The man's lawyer said he would appeal. Scania is owned by truck maker Traton. Government/Legal Volvo Scania

Tony Nicolosi named CEO of Volvo Cars North America

Volvo announced today that it has named Tony Nicolosi, president and CEO of Volvo Car Financial Services VCFS), as the new CEO of Volvo Cars of North America (VCNA). Nicolosi replaces John Maloney, who chose to leave due to family obligations after Volvo offered him a position in Europe.
Volvo says Nicolosi will remain president and CEO of VCFS while he assumes VCNA's top position. The Swedish automaker also says a "permanent successor [to Maloney] as President and CEO will be the subject of a later announcement."
The move comes as part of a management shakeup that's part of a "larger transformation taking place at Volvo," the automaker says.

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.