Volvo Cars is starting 2024 with its 17th straight month of growth. Volvo’s all-electric model lead the growth, with global EV sales up 17% in January.
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EV-centric brand Polestar just announced it will cut hundreds of jobs in its global workforce in order to lean down and reduce spending, as it looks to bolster sales of its upcoming Polestar 3 and 4 models without relying on additional funding from parents Geely and Volvo Cars.
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With “tremendous growth” expected for its EVs, Volvo CEO Jim Rowan says the brand is outpacing rivals. Rowan claims Volvo has “much more pricing power” as it rolls out its cheapest EV so far, the EX30, starting at $35,000.
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Volvo had a record year in 2023, with EV sales pushing global volume to new highs. The Swedish automaker’s early commitment to EVs is paying off, with over 113,000 fully electric Volvo cars sold last year.
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Volvo is getting a massive €420 million ($460M) loan as the automaker moves to a fully electric future by 2030. The funds are for Volvo to develop a new EV platform for its next-gen models.
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In the wake of what feels like gloomy news for the EV economy, Volvo has pulled out yet another round of impressive EV sales numbers, especially coming from a legacy automaker. Volvo reports that its fully electric car sales jumped by 29% in October globally compared to last year, accounting for 18% of all of its cars sold in the month.
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Despite recent warnings from other automakers, Volvo expects EV momentum to ramp up with three new electric models launching.
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Volvo Cars is going to expand production capacity for its electric EX30 SUV, as it’s anticipated to be one of its best-selling models.
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Volvo Cars is going big on wind power – its Torslanda factory in western Sweden is going to be powered by a 1 gigawatt (GW) offshore wind farm.
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Volvo Cars has signed a multi-year strategic collaboration agreement with StoreDot, maker of extreme fast charging (XFC) EV batteries.
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Volvo’s last diesel-powered car will roll out next year as the Swedish automaker looks toward an all-electric future. As one of the first legacy automakers to do so, Volvo is rapidly transitioning its lineup with a full slate of EVs.
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Volvo Cars is preparing to go all-electric by 2030. To do so, Volvo is shifting US and Canadian operations as part of an $88 million restructuring effort to boost the brand’s competitiveness in the future.
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Volvo’s first all-electric minivan is on its way. The Swedish automaker teased the electric EM90 minivan Thursday, claiming it’s like a “Scandinavian living room on the move.”
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Despite delivering a higher percentage of electric cars during Q2 2023, Volvo said its margins on EVs fell due to higher lithium prices. However, that’s expected to change with the introduction of the Volvo EX30, its smallest and cheapest electric SUV.
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Volvo Cars saw a massive spike in electric car sales this past month. The Swedish automaker posted 346% EV sales growth in June over last year as it builds momentum in the electric era.
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On Wednesday, Volvo Cars revealed a new investment in bidirectional EV charging startup dcbel. The company’s “r16” Home Energy Station is a full-fledged renewable energy ecosystem featuring solar power, bidirectional charging capabilities for backup power, and a smart home energy management system.
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Volvo Cars started the year on a high note as electric vehicle sales expanded 157% in the first three months of 2023, accounting for nearly one in every five cars sold. After an overwhelmingly positive response, Volvo says it was forced to close orders for its new flagship EX90 SUV due to the model year selling out.
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Volvo Cars has shared plans to open an entirely new “Tech Hub” in Krakow, Poland, before year’s end. The new European footprint will serve as a key software development center for the EV automaker as it looks to go entirely electric by 2030.
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