Latest news with #EX90s
Yahoo
6 days ago
- Automotive
- Yahoo
Volvo suspends production at SC plant citing parts shortages
Volvo Cars has halted production of its battery powered EX90 sport-utility vehicle at the automaker's South Carolina factory due to a parts shortage. (Photo provided by Volvo Cars) Volvo Cars has halted production at its Lowcountry plant because of a parts shortage, highlighting the growing supply chain issues automakers nationwide are experiencing in the wake of President Donald Trump's on-again, off-again tariffs. Volvo, which builds the all-electric EX90 sport-utility vehicle at its $1.2 billion plant in Ridgeville, did not immediately specify the parts involved or say how long the shutdown announced Thursday is expected to last. The carmaker is working with suppliers to resolve the problem and get the factory off Interstate 26 up and running again, according to news reports. The shutdown comes on the heels of Volvo announcing layoffs affecting 5% of the plant's workers, or roughly 100 people, and a global workforce reduction of 3,000 employees, most of them at the automaker's Sweden headquarters. The layoffs are part of nearly $2 billion in cost reductions Volvo is undertaking as tariffs have roiled global trade. The EX90, with a list price of $79,995, is the only vehicle Volvo builds at its South Carolina factory. The company has said it may add production of other vehicles at the Lowcountry site to offset tariffs on imported vehicles, which make up most of Volvo's most popular sellers in the United States. The EX90 is the flagship model in Volvo's pledge to build an all-electric lineup, but its sales have lagged far behind the brand's other gas-powered and hybrid models. Through April, Volvo sold 4,051 EX90s worldwide compared with sales topping 80,293 for its most popular XC60 mid-sized SUV. All told, EX90 sales have made up about 1.8% of Volvo's 231,100 global sales through April. This is a developing story and will be updated.
New York Post
07-05-2025
- Automotive
- New York Post
Volvo to slash 5% of staff at South Carolina plant as Trump's tariffs fuel uncertainty
Volvo Cars said on Wednesday it plans to slash 5% of its workforce at its South Carolina plant due to economic uncertainty fueled by President Trump's tariffs. About 125 of the Charleston plant's 2,500 employees will be impacted, according to a spokesperson. The automaker, however, said it remained committed to adding 4,000 jobs in the state, a goal it set in 2018 when the factory first opened. 3 Volvo Cars said it plans to slash 5% of its workforce at its South Carolina plant. Volvo Cars USA via AP It's also still looking to boost output at the Charleston facility in the future, the company added. Volvo Cars did not immediately respond to The Post's request for comment. In its quarterly earnings report last week, Volvo Cars said it plans to lower costs by $1.88 billion. This figure does not include the newly-announced layoffs. Like most others in the sector, Volvo Cars – which is owned by Geely Holding, a Chinese automotive conglomerate – is facing a significant hit from Trump's tariffs. While its largest factory is located in Sweden, the carmaker also has three huge facilities in China. In early April, Trump slapped a 25% tax on foreign vehicle imports, and followed up with the same rate on auto parts last week – which is expected to impact virtually all cars in the US, since even those made in the country contain parts from other nations. 3 About 125 of the Charleston plant's 2,500 employees will be impacted, according to a Volvo Cars spokesperson. Christopher Sadowski A few days before the tax on auto parts took effect, Trump announced 'a little bit of help' for automakers. The auto tariffs, he said, won't stack on top of other duties he has imposed, like those on steel and aluminum, or the hefty rates on Canada and Mexico. Trump's 145% tariff on China, however, will continue to apply on top of the auto tariffs. But Volvo Cars said the US remains a key part of its long-term strategy. 3 Volvo Cars said the US remains a key part of its strategy moving forward. Volvo Cars USA via AP While its Charleston factory has the capacity to produce 150,000 cars each year, it currently only makes the EX90 electric SUV and Polestar's model 3, with most Volvo cars imported from Europe. In April, the company said it has sold 1,316 EX90s in the US so far this year. Volvo Cars has nearly 43,000 employees around the world, including 29,000 in Europe, about 10,000 in Asia and 3,000 in the Americas, according to its 2024 annual report. With Post wires
Business Times
07-05-2025
- Automotive
- Business Times
Volvo Cars to cut 5% of jobs at South Carolina plant as tariffs bite
[STOCKHOLM] Volvo Cars said on Wednesday (May 7) it would make production changes and cut 5% of the workforce at its Charleston plant in the United States due to changing market conditions and evolving trade policies, including tariffs. A spokesperson for Volvo Cars said the changes would affect about 125 of the 2,500 employees at its factory in South Carolina. It was not immediately clear which positions would be affected or how the cuts would affect production at the plant in Charleston. Volvo Cars, which is majority-owned by China's Geely Holding, said it remained committed to creating 4,000 jobs in South Carolina and that it still planned to boost output there in the future. It added in an emailed statement that the cuts were not included in the upcoming redundancies flagged alongside its earnings for the first quarter last week, when it said it would slash costs by US$1.88 billion. Volvo Cars declined to comment on when it would be able to disclose more details around the upcoming job cuts. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The carmaker said the United States remained a key part of its long-term strategy and that it was focused on sharpening its US product line-up and manufacturing. Volvo Cars has nearly 43,000 employees globally according to its 2024 annual report. Some 29,000 are in Europe, around 10,000 in Asia and 3,000 in the Americas region. While the Charleston factory has a capacity to produce 150,000 cars annually, it currently only makes the EX90 electric SUV and Polestar's model 3 with most cars imported from Europe. In an April retail sales update the company said it had sold 1,316 EX90s in the US year to date. REUTERS
Yahoo
07-05-2025
- Automotive
- Yahoo
Volvo Cars to cut 5% of jobs at South Carolina plant as tariffs bite
STOCKHOLM (Reuters) -Volvo Cars said on Wednesday it would make production changes and cut 5% of the workforce at its Charleston plant in the United States due to changing market conditions and evolving trade policies, including tariffs. A spokesperson for Volvo Cars said the changes would affect about 125 of the 2,500 employees at its factory in South Carolina. It was not immediately clear which positions would be affected or how the cuts would affect production at the plant in Charleston. Volvo Cars, which is majority-owned by China's Geely Holding, said it remained committed to creating 4,000 jobs in South Carolina and that it still planned to boost output there in the future. It added in an emailed statement that the cuts were not included in the upcoming redundancies flagged alongside its earnings for the first quarter last week, when it said it would slash costs by 18 billion Swedish crowns ($1.88 billion). Volvo Cars declined to comment on when it would be able to disclose more details around the upcoming job cuts. The carmaker said the United States remained a key part of its long-term strategy and that it was focused on sharpening its U.S. product line-up and manufacturing. Volvo Cars has nearly 43,000 employees globally according to its 2024 annual report. Some 29,000 are in Europe, around 10,000 in Asia and 3,000 in the Americas region. While the Charleston factory has a capacity to produce 150,000 cars annually, it currently only makes the EX90 electric SUV and Polestar's model 3 with most cars imported from Europe. In an April retail sales update the company said it had sold 1,316 EX90s in the U.S. year to date. ($1 = 9.5804 Swedish crowns) (Reporting by Marie Mannes; Editing by Louise Breusch Rasmussen, Tomasz Janowski and Kate Mayberry)
