Volvo Takes $1.2 Billion Charge Over Tariffs and EV Model Delays
Past development setbacks and duties in the US have hit Volvo's battery-powered models, the EX90 sport utility vehicle and ES90 sedan. The effect of the one-time non-cash charge on net income will be 9 billion kronor in the second quarter, the carmaker said Monday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Aussie EV boss joins calls for change to controversial car tax that 'doesn't make sense'
There are growing calls for Australia to scrap a controversial and generous tax exemption that encourages the purchase of larger vehicles, helping fuel a divisive and damaging trend on our roads. The Australian boss of premium electric vehicle brand Polestar is the latest to campaign for a big rethink of how the federal government's Luxury Car Tax (LCT) is administrated, describing it as serving no purpose and creating a reality in Australia that "doesn't make any sense". The luxury car tax means Aussies who are buying a car worth more than $80,576 will pay an extra tax on the cost of the vehicle above that amount, with a higher threshold of $91,387 for certain "fuel-efficient vehicles" such as hybrid models. The luxury tax is charged at a rate of 33 per cent for every dollar above these thresholds, however a loopholes means most utes and SUVs are exempt because they are classified as light commercial vehicles regardless of whether they are bought for private or commercial use. Over the years that has incentivised buyers to opt for large American-style utes to avoid paying the tax, with many critics pointing out that taxpayers were subsidising the purchase of cars that are worse for the environment and cause more damage to roads than their lighter counterparts. Related: Calls to end major $250 million loophole in Aussie car market Scott Maynard, managing director of Polestar in Australia, is pushing for things to change, arguing the tax should simply go, noting that it was originally brought in to protect local car manufacturers but "we don't have a local car industry to protect" anymore. "It is a tax without a purpose," he told CarSales last week. The EV exec double down this week saying the situation has become perverse in our car market and highlighting the much maligned exemption. "We've now got more than one and a half times the dual cab ute to tradie ratio, which doesn't make sense," he told NewsCorp papers. "If you consider some of the positioning of some of those particular vehicles, which are clearly no longer tools of trade, I don't think it's a difficult jump to make to put that on the fact that they've enjoyed tax let off since 2000." While Polestar, a Swedish automotive company selling high-end electric vehicles, would benefit from the removal of the luxury tax, he is far from alone in his arguments. Associate Professor Milad Haghani, an expert in urban resilience at the University of Melbourne, is among the many critics who continue to question why the exemption for larger utes and SUVs is still in place. "The luxury car tax exception has been one of the biggest incentives for people to go big and buy big cars," he told Yahoo News in May. The status quo means every tax payer is "effectively subsidising" the purchase of certain mega utes, he said, "and a lot of the buyers don't use it for commercial purposes". The Australian Institute recently calculated the loophole comes at a cost of about $250 million a year to the nation's taxpayers. And that's before other externalities that impose a cost on society are considered with research showing the larger vehicles have an outsized impact on worsening congestion, polluting the environment and degrading our roads. Major EV change sees Aussie driver earn extra $250 in one day BYD photo highlights 'revolutionary' EV feature changing Aussie habits Warning against EV owners' 'revolutionary' solution to battery concern In May, it was reported the Albanese government is considering changing the tax and potentially lowering the 33 per cent rate as part of negotiations with Europe over a new free trade deal with the bloc of nations. Australian Automotive Dealer Association chief executive James Voortman supports to removal of the tax, which raises more than a billion dollars a year for the federal government, but has echoed concerns from manufacturers about the impact of plummeting resale values in the secondhand market. The Australian Automobile Association and the Federal Chamber of Automotive Industries also wants to see the tax scrapped. In the event it is phased out, the government would likely look to recoup the lost revenue through other road related charges. Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube.
Bloomberg
30 minutes ago
- Bloomberg
Secretive Tetra Pak Family Quietly Pours $9 Billion Into Stocks
A mysterious entity based in the heart of Singapore's financial district emerged as the biggest shareholder in International Flavors & Fragrances Inc. nine years ago. It turned out that the owner was the Rausing family, which hails from Sweden and made a fortune from Tetra Pak cartons. It's now also clear that the stake was one of the first public disclosures about how the media-shy clan deploys its billions.
Yahoo
34 minutes ago
- Yahoo
Dua Lipa's Custom Porsche 911 GT3 RS Heads to Auction for Charity
Read the full story on Modern Car Collector A one-of-a-kind Porsche 911 GT3 RS designed by pop superstar Dua Lipa is heading to the auction block at the prestigious Goodwood Festival of Speed, with all proceeds benefiting the Sunny Hill Foundation, her nonprofit supporting arts and culture in Kosovo. Unveiled earlier this spring during the Monaco Grand Prix weekend, the custom Porsche—dubbed the 'Dua Lipa Rennstall GT3 RS'—features a vibrant livery that blends green, black, gold, and red swirls. The British-Albanian singer was directly involved in the creative process, giving Porsche's most track-oriented 911 a bold, personal touch. 10 Must-Have Tools and Gear for the Modern Car Collector (Amazon Edition) Built around the high-performance 992-generation 911 GT3 RS, the car boasts a 4.0-liter naturally aspirated flat-six engine capable of revving to 9,000 rpm. With 525 PS (518 horsepower) delivered to the rear wheels via a 7-speed PDK dual-clutch transmission, the Rennstall GT3 RS retains all the ferocity of its production sibling—paired with one-of-a-kind star power. Auction house RM Sotheby's is overseeing the sale, with the vehicle drawing attention from car collectors and pop culture enthusiasts alike. It marks one of the few instances where a celebrity-designed modern Porsche is offered for public sale with philanthropic intent. 'I wanted to create something that fuses the emotion of music, design, and driving,' Dua Lipa said in a recent statement. 'The Sunny Hill Foundation has always been close to my heart, and this project is a celebration of the culture and creativity it supports.' The auction will take place during the Goodwood Festival of Speed, one of the UK's premier automotive events. While no reserve has been publicly announced, industry experts predict the GT3 RS could fetch well over £500,000 due to its exclusivity and celebrity connection. Follow us on Facebook and Twitter
