Latest news with #GeelyHolding
Yahoo
3 days ago
- Automotive
- Yahoo
Zeekr Group Announces May 2025 Delivery Update
HANGZHOU, China, June 1, 2025 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("Zeekr Group" or the "Company") (NYSE: ZK), the world's leading premium new energy vehicle group, today announced its delivery results for May 2025. In May, Zeekr Group delivered a total of 46,538 vehicles across its Zeekr and Lynk & Co brands, reflecting a 15.2% year-over-year growth and 12.6% increase compared to the previous month. This accomplishment was realized thanks to the trust and support of nearly 1.95 million users. In particular, the Zeekr brand delivered 18,908 vehicles, while Lynk & Co delivered 27,630 vehicles. About Zeekr Group Zeekr Group, headquartered in Zhejiang, China, is the world's leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain and electric vehicle supply chain. Zeekr Group's values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider. For more information, please visit Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: ZEEKR Intelligent Technology Holding LimitedInvestor RelationsEmail: ir@ Piacente Financial CommunicationsTel: +86-10-6508-0677Email: Zeekr@ In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050Email: Zeekr@ Media Contact Email: Globalcomms@ View original content: SOURCE ZEEKR Intelligent Technology Holding Limited
The Independent
27-05-2025
- Automotive
- The Independent
Chinese-owned Volvo announces 3,000 job cuts
Sweden-based Volvo Cars will cut 3,000 jobs as part of a restructuring plan, announced at a time when the automotive industry faces mounting challenges from sudden trade tensions and economic uncertainty. The layoffs represent around 15 per cent of the Chinese company's office staff, with close to three-quarters of the white collar job losses expected to occur in Sweden and the rest in the company's global operations. Volvo Cars has its main headquarters and product development offices in Gothenburg, Sweden, and makes cars and SUVs in Belgium, South Carolina and China. "The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars," said Hakan Samuelsson, Volvo Cars president and chief executive. "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." The company said Monday that around 1,200 of the job reductions would come among workers in Sweden, with another 1,000 positions currently filled by consultants, mostly in Sweden, also slated for elimination. The rest of the job losses would be in other global markets. With most of its production based in Europe and China, Volvo Cars is more exposed to Donald Trump 's tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the US. The group, majority-owned by China's Geely Holding, announced in April its programme to slash costs by SEK18bn (£1.39bn) and hit the brakes on investments. Volvo Cars was sold by American motor industry giant Ford to Geely in 2010 for £1.2bn. Volvo Cars said its global sales for April fell by 11 per cent compared to the same period last year. In the first quarter, the auto maker had 43,500 full-time employees and 3,000 staffing agency personnel, according to its earnings report. White-collar staff make up more than 40 per cent of its workforce. Carmakers around the world are facing several headwinds, among them higher costs for raw materials and a diminishing European car market amid President Trump's imposition of 25 per cent tariffs on imported cars and steel. Last week, Mr Trump threatened to impose a 50 per cent tariff on imports from the EU from 1 June but later backed away from that date, restoring a July deadline to allow for talks between Washington and Brussels.
Daily Mirror
27-05-2025
- Automotive
- Daily Mirror
Volvo Cars set to axe 3,000 jobs amid 'challenging period'
Volvo Cars, which is based in Gothenburg, Sweden but owned by Chinese company Geely Holding, said the automotive industry is facing a "challenging period" and must cope with several headwinds Volvo Cars is axing 3,000 jobs as part of cost-cutting measures. The automotive industry currently faces a number of challenges, including Donald Trump's 25% tariffs on imported cars, higher cost of materials and slower sales in Europe. So, Volvo Cars, owned by Chinese company Geely Holding, has said it must "structurally lower costs" in response to the tensions. Around 1,200 of the job reductions are likely to come among workers in Sweden, where Volvo Cars has its headquarters. Another 1,000 positions currently filled by consultants, mostly in Sweden, are also set for the chop. Håkan Samuelsson, chief executive of the company, said: "The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars. 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." The company, founded in 1927 in Gothenburg, Sweden, has 42,600 full-time employees. The firm says the layoffs will mainly impact office-based positions in the nation, representing about 15% of its white collar workforce. Geely Holding last month announced an 18 billion Swedish kronor ($1.9bn; £1.4bn) "action plan" shake-up of the business. Global sales for April fell by 11% compared to the same period last year. But the industry amid a number of challenges including higher costs for raw materials, a diminished European car market, and Mr Trump's imposition of 25% tariffs on imported cars and steel. Staff at Volvo Cars' major production plants in Sweden, Belgium, China and the US are not thought to be affected by the cuts. The office-based roles are, though, under threat, including in Sweden. In March 2021, Volvo Cars announced that it would be a fully electric brand by 2030, with vehicles sold exclusively online. In 2023, the company removed conventional engines as an option, meaning mild hybrids are the base engine option in the US. When Mr Trump, 78, announced his 25% tariff in March, it was thought British employment in car manufacturing was at risk. Reacting to Mr Trump's brutal vow, Andrew Griffith, the shadow trade secretary, had said British jobs are "clearly now at real risk" and he called the move "concerning". But the US leader had told reporters: "This will continue to spur growth. We'll effectively be charging a 25 per cent tariff." To underscore his seriousness about the tariffs directive he signed, Mr Trump said, 'This is permanent."
RTÉ News
26-05-2025
- Automotive
- RTÉ News
Volvo Cars to slash 3,000 jobs in white-collar cutback
Sweden's Volvo Cars 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 trade uncertainty, it said today. The layoffs represent around 15% of the company's office staff, with close to three-quarters of job losses expected to occur in Sweden and the rest in the company's global operation, Volvo Cars said in a statement. With most of its production based in Europe and China, Volvo Cars is more exposed to new US tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the United States. The group, 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 car maker had 43,500 full-time employees and 3,000 staffing agency personnel, according to its earnings report. White-collar staff make up more than 40% of its workforce. "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. The group withdrew its financial guidance as it announced its cost cuts last month, pointing to unpredictable markets amid weaker consumer confidence and trade tariffs causing turmoil in the global auto industry. US President Donald Trump on Friday threatened to impose a 50% tariff on imports from the European Union from June 1, but today he backed away from that date, restoring a July 9 deadline to allow for talks between Washington and Brussels. Volvo Cars' shares are down 24% year-to-date.
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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.
