Latest news with #EX30
IOL News
3 days ago
- Automotive
- IOL News
Volvo's electric momentum builds on impressive EX30 and EX90 sales in South Africa
The EX30 continues to capture South African hearts while the new EX90 raises the bar, making premium electric driving more accessible and exciting than ever. Known for its strong performance in the electric vehicle segment, Volvo Car South Africa has once again posted successful sales figures for the first four months of the year. The popular EX30 led the way, and the introduction of the new EX90, the brand's range-topping luxury electric SUV, further boosted sales. Between January and April 2025, the Swedish marque delivered 114 electric vehicles to customers, with the EX30 leading the charge at 48 units. Not only is it the best-selling electric Volvo, but the compact crossover remains South Africa's favourite premium EV, outselling similarly-sized rivals from luxury brands. Notably, the top 5 best-selling electric vehicles in South Africa during this period included the XC40 and C40 Recharge, with a combined 36 units in third place, while the all-new EX90 secured fifth place with 30 units. In 2024, Volvo was the best-selling electric vehicle brand in South Africa, with 539 examples delivered to customers last year.
Miami Herald
6 days ago
- Automotive
- Miami Herald
Volvo Responds to Tariffs with Mass Layoffs & EX30 Price Bump
As tariffs continue to cause uncertainty in the automotive industry, Volvo is cutting jobs and raising prices. Though tariffs have yet to be implemented by the United States government, Volvo is being proactive. Like many automakers, the automaker is taking steps to navigate an uncertain future, both in the short and long term. Volvo plans to cut approximately 3,000 jobs as part of its "cost and cash action plan," which, in part, aims to eliminate redundancies across the company. The automaker says it will eliminate approximately 1,000 consultants across its organization, 1,200 roles at offices in Sweden, and roughly 800 positions in its remaining global markets. The cuts represent about 15 percent of Volvo's total global workforce. When Volvo announced the EX30, it boldly claimed that the small SUV would arrive for $34,950-an incredible price point for any electric vehicle. Since that announcement, the U.S. government has imposed tariffs on electric vehicles (EVs) made in China, prompting Volvo to avoid importing EX30s built in China to the United States. To avoid tariff charges, Volvo ramped up production in Belgium. Now, a looming 50 percent tariff on European autos has caused Volvo to raise a white flag. Volvo CEO Hakan Samuelsson said on Friday that selling the automaker's Belgium-made EX30 stateside for the original $34,950 price tag would be "almost impossible" at this point. Thanks to tariffs, Volvo has raised the starting price of the EX30 to $46,195, as first reported by Reuters. The $46,195 price point seems curious because it's not a round number, but it appears to be grounded in logic. That new price represents a roughly 32 percent increase. Initially, the Trump administration proposed a 25 percent tariff on European goods, which has since been bandied as 50 percent. A 32 percent price increase appears to be Volvo hedging a bet that a 25 percent tariff is more likely than a 50 percent tariff, and that it will protect its profit margin if the tariffs are implemented. Most Volvo cars sold in the United States are imported from Europe. Samuelson, hopeful the EU and the U.S. can find common ground on trade, said, "I believe there will be a deal soon. It could not be in the interest of Europe or the U.S. to shut down trade between them." Tariffs are rattling several European automakers, not just Volvo. BMW recently halted its EV efforts in the United States, VW put a freeze on pricing to ease consumer fears, Nissan is drastically cutting back on production, Hyundai is cautioning dealerships about potential price increases, and Jaguar Land Rover has halted shipments of vehicles into the United States. Even the threat of tariffs has automakers on high alert. The industry is built on the back of a global supply chain, and creating a fully U.S.-based manufacturing and supply chain to avoid tariffs is likely impractical and impossible. Automakers are worried, but consumers are the ones paying the price-literally. Volvo has a large factory in Charleston, South Carolina, and says it'll ramp up production there. However, the plant doesn't currently manufacture fully electric vehicles, so we can expect to see more hybrids available on Volvo lots soon. Tariffs also interrupt the push toward full electrification. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
The Irish Sun
27-05-2025
- Automotive
- The Irish Sun
Major car brand ‘facing challenging period' to axe 3,000 jobs in huge restructure to cut costs
A MAJOR car brand is facing a "challenging period," with a huge restructuring plan set to axe 3,000 jobs in a bid to cut costs. The popular car manufacturer blamed rising costs, slowing demand for electric vehicles, and uncertainty over Advertisement 1 Volvo is set to axe 3,000 jobs in a major restructuring Credit: Getty Volvo revealed that most of the job cuts will affect office-based staff in Sweden, which is around 15 per cent of its global office workforce. The cuts will affect about 1,200 employees and 1,000 consultants, the automaker said. CEO Håkan Samuelsson said the cuts would help improve the automaker's cash flow and reduce overall costs. He added: "It's white collar in almost all areas, including R&D, communication, human resources. Advertisement read more on motors "So it's everywhere, and it's a considerable reduction." Fredrik Hansson, Volvo's new CFO, said that despite thousands of job cuts, the move would make the company 'structurally more efficient.' Volvo's restructuring will cost an eye-watering £103million, which will impact its second-quarter results. The popular car brand is introducing these sweeping cuts following reports of a 60 per cent dip in their first-quarter operating income. Advertisement Most read in Motors Falling sales and revenues add pressure The announcement follows a turbulent few months for Volvo, based in Gothenburg, Sweden. Global deliveries slumped by 6 per cent in the first quarter of 2025 compared to last year, causing revenue to drop by 11.7 per cent, from £7.3bn to £6.4bn, according to Meet the new XC90 plug-in hybrid, an electric car with a backup plan The automaker is facing what it describes as 'challenges not seen before' in the automotive sector, with rising costs, supply chain disruptions, and cooling demand weighing heavily on performance. Former CEO Håkan Samuelsson, recently reinstated after Jim Rowan's exit, is leading the shake-up. Advertisement Samuelsson warned: "The automotive industry is in the middle of a very difficult period with challenges not seen before. "We must get better at delivering results." Investment cuts and uncertain forecasts Volvo also revealed it is scaling back investments further, following a big drop in earnings before interest and tax , plunging from £370m to £120m year-on-year. The company will stop providing financial forecasts for 2025 and 2026, saying market conditions remain too uncertain. Advertisement The cost-saving strategy includes a shift toward regionalised operations. Volvo recently launched an updated S90 saloon exclusively for China and started building the EX30 electric crossover at its Ghent plant in Belgium, previously made only in China. It also plans to sharpen its model range in the US and optimise production at its Spartanburg facility in South Carolina. Samuelsson added: "While our strategy is clear, we must adapt quickly to survive. Advertisement "Our focus now is profitability, electrification and regionalisation. Volvo's announcement follows a growing trend of major job cuts across the global automotive industry as companies brace for a tough market environment. Audi also revealed plans to axe 7,500 jobs as part of a huge cost-saving drive. The Volkswagen-owned manufacturer announced the cuts would be carried out at its German sites by 2029, aiming to save around €1 billion (£842.5 million) annually in the medium term. Advertisement The job cuts at Audi represent about 8.6 per cent of the brand's global workforce. Audi said in a statement: 'The economic conditions are becoming increasingly tougher, competitive pressure and political uncertainties are presenting the company with immense challenges.' The carmaker, headquartered in Ingolstadt, said the reductions would mostly affect areas such as administration and development. Audi stressed that the cuts would be implemented in a "socially responsible" manner, avoiding compulsory redundancies. Advertisement Instead, roles will be reduced through natural attrition — meaning workers will not be replaced when they retire or leave the company. Despite the cuts, Audi is investing heavily in its German operations, pledging €8 billion (£6.7 billion) over the next four years. Part of the investment will go towards producing a new entry-level electric model at its Ingolstadt plant, with further developments considered for its second German site in Neckarsulm. Audi's chairman Gernot Döllner said: 'We are setting Ingolstadt and Neckarsulm up to be robust and flexible for the challenging transition to electric mobility. Advertisement Audi must become faster, more agile, and more efficient. One thing is clear: this cannot be done without personnel adjustments. Meanwhile, Audi's parent company Volkswagen announced back in December that it would cut 35,000 jobs at its VW brand sites across Germany by 2030. The job reductions are part of the 'Future Volkswagen' agreement, hammered out with union representatives to help slash labour costs by €1.5 billion (£1.25 billion) per year. Volkswagen emphasised that the job cuts would not involve any plant closures and would also be implemented 'socially responsibly'. Advertisement Volkswagen's plan also includes a significant capacity reduction, aiming to lower production volumes by around 734,000 units across its German manufacturing network. Everything you need to know about electric cars How long does it take to Will Do How long do Check out all of our latest electric car news here
Scottish Sun
27-05-2025
- Automotive
- Scottish Sun
Major car brand ‘facing challenging period' to axe 3,000 jobs in huge restructure to cut costs
Check below to read more on electric vehicles DEAD END Major car brand 'facing challenging period' to axe 3,000 jobs in huge restructure to cut costs A MAJOR car brand is facing a "challenging period," with a huge restructuring plan set to axe 3,000 jobs in a bid to cut costs. The popular car manufacturer blamed rising costs, slowing demand for electric vehicles, and uncertainty over trade tariffs for its decision to cut jobs. Advertisement 1 Volvo is set to axe 3,000 jobs in a major restructuring Credit: Getty Volvo revealed that most of the job cuts will affect office-based staff in Sweden, which is around 15 per cent of its global office workforce. The cuts will affect about 1,200 employees and 1,000 consultants, the automaker said. CEO Håkan Samuelsson said the cuts would help improve the automaker's cash flow and reduce overall costs. He added: "It's white collar in almost all areas, including R&D, communication, human resources. Advertisement "So it's everywhere, and it's a considerable reduction." Fredrik Hansson, Volvo's new CFO, said that despite thousands of job cuts, the move would make the company 'structurally more efficient.' Volvo's restructuring will cost an eye-watering £103million, which will impact its second-quarter results. The popular car brand is introducing these sweeping cuts following reports of a 60 per cent dip in their first-quarter operating income. Advertisement Falling sales and revenues add pressure The announcement follows a turbulent few months for Volvo, based in Gothenburg, Sweden. Global deliveries slumped by 6 per cent in the first quarter of 2025 compared to last year, causing revenue to drop by 11.7 per cent, from £7.3bn to £6.4bn, according to Autocar. Meet the new XC90 plug-in hybrid, an electric car with a backup plan The automaker is facing what it describes as 'challenges not seen before' in the automotive sector, with rising costs, supply chain disruptions, and cooling demand weighing heavily on performance. Former CEO Håkan Samuelsson, recently reinstated after Jim Rowan's exit, is leading the shake-up. Advertisement Samuelsson warned: "The automotive industry is in the middle of a very difficult period with challenges not seen before. "We must get better at delivering results." Investment cuts and uncertain forecasts Volvo also revealed it is scaling back investments further, following a big drop in earnings before interest and tax, plunging from £370m to £120m year-on-year. The company will stop providing financial forecasts for 2025 and 2026, saying market conditions remain too uncertain. Advertisement The cost-saving strategy includes a shift toward regionalised operations. Volvo recently launched an updated S90 saloon exclusively for China and started building the EX30 electric crossover at its Ghent plant in Belgium, previously made only in China. It also plans to sharpen its model range in the US and optimise production at its Spartanburg facility in South Carolina. Samuelsson added: "While our strategy is clear, we must adapt quickly to survive. Advertisement "Our focus now is profitability, electrification and regionalisation. Volvo's announcement follows a growing trend of major job cuts across the global automotive industry as companies brace for a tough market environment. Audi also revealed plans to axe 7,500 jobs as part of a huge cost-saving drive. The Volkswagen-owned manufacturer announced the cuts would be carried out at its German sites by 2029, aiming to save around €1 billion (£842.5 million) annually in the medium term. Advertisement The job cuts at Audi represent about 8.6 per cent of the brand's global workforce. Audi said in a statement: 'The economic conditions are becoming increasingly tougher, competitive pressure and political uncertainties are presenting the company with immense challenges.' The carmaker, headquartered in Ingolstadt, said the reductions would mostly affect areas such as administration and development. Audi stressed that the cuts would be implemented in a "socially responsible" manner, avoiding compulsory redundancies. Advertisement Instead, roles will be reduced through natural attrition — meaning workers will not be replaced when they retire or leave the company. Despite the cuts, Audi is investing heavily in its German operations, pledging €8 billion (£6.7 billion) over the next four years. Part of the investment will go towards producing a new entry-level electric model at its Ingolstadt plant, with further developments considered for its second German site in Neckarsulm. Audi's chairman Gernot Döllner said: 'We are setting Ingolstadt and Neckarsulm up to be robust and flexible for the challenging transition to electric mobility. Advertisement Audi must become faster, more agile, and more efficient. One thing is clear: this cannot be done without personnel adjustments. Meanwhile, Audi's parent company Volkswagen announced back in December that it would cut 35,000 jobs at its VW brand sites across Germany by 2030. The job reductions are part of the 'Future Volkswagen' agreement, hammered out with union representatives to help slash labour costs by €1.5 billion (£1.25 billion) per year. Volkswagen emphasised that the job cuts would not involve any plant closures and would also be implemented 'socially responsibly'. Advertisement Volkswagen's plan also includes a significant capacity reduction, aiming to lower production volumes by around 734,000 units across its German manufacturing network.
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Business Standard
26-05-2025
- Automotive
- Business Standard
Volvo Cars to cut 3,000 jobs amid EV slump, high costs and tariff woes
Sweden-based Volvo Cars said on Monday it will cut 3,000 mostly white-collar jobs as part of a restructuring announced last month as it grapples with high costs, a slowdown in electric vehicle demand and uncertainty over trade tariffs. Volvo Cars, which is majority-owned by China's Geely Holding , on April 29 unveiled a programme to slash costs by 18 billion Swedish crowns ($1.9 billion) and hit the brakes on investments, warning that redundancies were inevitable. In the first quarter, the auto maker had 43,500 full-time employees and 3,000 staffing agency personnel, according to its earnings report. Volvo Cars said in a statement the reductions will primarily affect office-based positions in Sweden and represent around 15 per cent of the total office-based workforce globally. "The automotive industry is in the middle of a challenging period. To address this, we must improve our cash flow generation and structurally lower our costs," CEO Hakan Samuelsson said. As the group announced its cost cuts last month it also withdrew its financial guidance, pointing to unpredictable markets amid weaker consumer confidence and trade tariffs causing turmoil in the global auto industry. On Friday US President Donald Trump threatened to impose a 50 per cent tariff on imports from the European Union from June 1, but on Monday he backed away from that date, restoring a July 9 deadline to allow for talks between Washington and Brussels. Samuelsson on Friday told Reuters customers would pay a big part of any tariff-related cost increases, and that a 50 per cent levy could make it impossible to import one of its most affordable cars, the Belgium-made EX30 electric vehicle, to the US.
