Latest news with #Sweden-based
Business Recorder
3 days ago
- Automotive
- Business Recorder
S&P lowers outlook on Volvo Cars rating citing US tariffs, competition in China
STOCKHOLM: S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars to 'negative' from 'stable', saying U.S. tariffs and tougher competition in China were hurting the company's growth prospects. The Sweden-based automaker, which is majority-owned by China's Geely, last month withdrew its earnings guidance and announced cost cuts, which will include laying off some 3,000 mostly white-collar workers amid a slowdown in demand. 'The negative outlook on Volvo Cars reflects its large exposure to U.S. import tariffs and the increasing marginalisation in the Chinese market,' S&P said in a statement. 'We expect Volvo Cars' profitability and cash generation after investments to come under pressure in 2025-2026, partly alleviated by a substantial cost reduction programme.' The United States represented 16% of Volvo Cars sales in 2024, while China accounted for 20%. Volvo Cars to cut 3,000 jobs in restructuring Volvo Cars produces only one of its models in the United States, and relies on imports for the rest, leaving the company more exposed to U.S. tariffs than many of its European peers. S&P said a proposed 2027 U.S. ban on automakers controlled by a Chinese entity also weighed on the outlook. In the most recent twist in the trade turmoil sparked by President Donald Trump, a U.S. court on Thursday temporarily reinstated sweeping new tariffs, a day after another U.S. court had ordered an immediate block on them.
Yahoo
3 days ago
- Automotive
- Yahoo
S&P lowers outlook on Volvo Cars rating citing US tariffs, competition in China
STOCKHOLM (Reuters) -S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars to "negative" from "stable", saying U.S. tariffs and tougher competition in China were hurting the company's growth prospects. The Sweden-based automaker, which is majority-owned by China's Geely, last month withdrew its earnings guidance and announced cost cuts, which will include laying off some 3,000 mostly white-collar workers amid a slowdown in demand. "The negative outlook on Volvo Cars reflects its large exposure to U.S. import tariffs and the increasing marginalisation in the Chinese market," S&P said in a statement. "We expect Volvo Cars' profitability and cash generation after investments to come under pressure in 2025-2026, partly alleviated by a substantial cost reduction programme." The United States represented 16% of Volvo Cars sales in 2024, while China accounted for 20%. Volvo Cars produces only one of its models in the United States, and relies on imports for the rest, leaving the company more exposed to U.S. tariffs than many of its European peers. S&P said a proposed 2027 U.S. ban on automakers controlled by a Chinese entity also weighed on the outlook. In the most recent twist in the trade turmoil sparked by President Donald Trump, a U.S. court on Thursday temporarily reinstated sweeping new tariffs, a day after another U.S. court had ordered an immediate block on them. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Automotive
- Yahoo
S&P lowers outlook on Volvo Cars rating citing US tariffs, competition in China
STOCKHOLM (Reuters) -S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars to "negative" from "stable", saying U.S. tariffs and tougher competition in China were hurting the company's growth prospects. The Sweden-based automaker, which is majority-owned by China's Geely, last month withdrew its earnings guidance and announced cost cuts, which will include laying off some 3,000 mostly white-collar workers amid a slowdown in demand. "The negative outlook on Volvo Cars reflects its large exposure to U.S. import tariffs and the increasing marginalisation in the Chinese market," S&P said in a statement. "We expect Volvo Cars' profitability and cash generation after investments to come under pressure in 2025-2026, partly alleviated by a substantial cost reduction programme." The United States represented 16% of Volvo Cars sales in 2024, while China accounted for 20%. Volvo Cars produces only one of its models in the United States, and relies on imports for the rest, leaving the company more exposed to U.S. tariffs than many of its European peers. S&P said a proposed 2027 U.S. ban on automakers controlled by a Chinese entity also weighed on the outlook. In the most recent twist in the trade turmoil sparked by President Donald Trump, a U.S. court on Thursday temporarily reinstated sweeping new tariffs, a day after another U.S. court had ordered an immediate block on them.
Leader Live
5 days ago
- Entertainment
- Leader Live
Actress says ScotRail's new AI announcer uses her voice data without permission
The government-owned train operator recently rolled out 'Iona', an AI voice on some routes, which replaced older messages recorded by a human. But established Scottish voiceover artist and actress Gayanne Potter said Iona is based on recordings she made in 2021. Now, in a widely shared Facebook post, Ms Potter said ScotRail is dismissing her concerns, asking the company: 'Why continue to choose a dreadful AI version of me when I'm right here?' The actress said she has been in dispute with a Sweden-based company called ReadSpeaker about the use of her voice data following recordings she made for them in 2021. She alleges these recordings were made to provide text-to-speech for translation purposes, and their later use in an AI model called 'Iona' went beyond their agreement. However, ReadSpeaker says they have a contract to use her voice and their legal team has 'comprehensively' addressed her concerns. Ms Potter's post read: 'I approached the company and expressed my distress at this, as it was far removed from what I believe I signed up for. 'I requested them to cease using my data. They refused. 'Their legal team simply shut down conversations.' The voiceover artist says she received only a 'minimal' fee for the initial work, which she offered to repay to have the data deleted. Her post continues: 'So imagine my distress when I discover that ScotRail have installed the ReadSpeaker model 'Iona' that contains my biometric voice data as their new announcer on all their trains. 'I did not know. I was not asked. I did not consent.' Ms Potter said she felt 'violated', and argued: 'ScotRail should employ a real human irrespective of who it is.' Referring to a particular station to the north of Glasgow, she said: 'Why continue to choose a dreadful AI version of me when I'm right here… 'And I know how to pronounce Milngavie.' Speaking to the PA news agency on Tuesday, Ms Potter said she is seeking 'an apology from ScotRail and an acknowledgement they have made a mistake'. She said her 'stomach dropped and I felt sick' when she first saw reports of Iona being used on Scottish trains. Ms Potter has now listened to an altered version of her own voice speaking to her on trains, adding: 'I've had people say to me 10 times that this is like an episode of Black Mirror.' The actress argued that use of her voice data for an AI model was not something she could have consented to when she first made the recordings, saying: 'I fully accept that technology has moved on (from 2021) but the right thing to do is to revisit a contract.' Support for her position has been 'incredible', she said, calling for politicians to bring in legislation making it illegal to use AI to impersonate someone without their consent. A spokesman for ReadSpeaker told PA: 'ReadSpeaker is aware of Ms Potter's concerns. 'ReadSpeaker and Ms Potter have a contract regarding the use of her voice. 'ReadSpeaker has comprehensively addressed Ms Potter's concerns with her legal representative several times in the past.' Phil Campbell, ScotRail customer operations director, said: 'We are always looking at ways to improve the customer journey experience, and we know how important both on-train and at-station announcements are. 'The use of an automated voice allows us to have more control over the announcements being made, ensures consistency for customers, and gives us flexibility to make changes at short notice. 'ScotRail has always used automated announcements in relation to customer information, but it doesn't replace human interaction through either with pre-recorded audio or staff on trains – something that will continue. 'We are working closely with Network Rail and other train-operating companies to continue making improvements across Scotland's railway, and we are hopeful of further developments in the coming months.' The rail operator has told the BBC it does not intend to remove the AI voice from its trains.
Yahoo
5 days ago
- Automotive
- Yahoo
Volvo Cars to slash 3,000 workers amid global trade uncertainty
Sweden-based automaker Volvo Cars said it is eliminating 3,000 white-collar jobs at operations around the world as the automotive industry faces supply chain and tariff-related disruptions. The layoffs represent around 15% of Volvo Cars' office staff, with about 2,200 job losses expected to occur in Sweden and the rest in the company's global operations. Volvo Cars has not said where the other workforce reductions will take place. The job cuts announced Monday are part of a $1.88 billion action plan to bolster the company's long-term profitability, officials said.'The automotive industry is in the middle of a challenging period,' Håkan Samuelsson, president and CEO of Volvo Cars, said in a news release. 'To address this, we must improve our cash flow generation and structurally lower our costs.' Volvo Cars said the layoffs will be completed by the end of fall. As of the first quarter, the automaker had 42,600 full-time employees, with white-collar staff making up more than 40% of its workforce, according to its earnings report. Volvo Cars' head office, product development, marketing and administration functions are mainly located in company's car production plants are in Gothenburg; Ghent, Belgium; Charleston, South Carolina; and Chengdu, Daqing and Taizhou, China. The company also has research and development and design centers in Gothenburg and Shanghai. The latest round of layoffs comes after Volvo announced plans to eliminate 5% of its workforce, about 125 workers, at the Charleston factory, according to Reuters. The factory produces the company's EX90 SUV. Volvo Cars is majority-owned by China's Geely Holding. It was sold by Ford Motor Co. to Geely in 2010 for $1.8 billion. Volvo Cars and Volvo Trucks North America are separate entities. The post Volvo Cars to slash 3,000 workers amid global trade uncertainty appeared first on FreightWaves. Sign in to access your portfolio
