Latest news with #VolvoGroup
Mint
20 hours ago
- Business
- Mint
Goyal begins visit to Switzerland and Sweden to deepen trade ties, focus on India-EFTA pact
New Delhi: Amid ongoing negotiations for the Bilateral Trade Agreement (BTA) with the US, commerce and industry minister Piyush Goyal on Monday began a five-day official visit to Switzerland and Sweden, aimed at strengthening India's economic and trade ties with key European partners. The visit, which runs from 9 to 13 June, is expected to advance negotiations on the India-EFTA trade agreement and explore new avenues for investment in sectors such as precision engineering, pharmaceuticals, and sustainable technologies, as per a commerce ministry statement. However, the official release does not mention the inclusion of a business delegation with the minister, despite an earlier announcement by Goyal during his address at the CII Business Summit in New Delhi on 29 May, where he had indicated that a delegation of Indian industry leaders would travel with him to explore partnership opportunities. In Switzerland, Goyal will hold sector-specific meetings with global CEOs and senior officials from industries including life sciences and high-tech manufacturing. He is also scheduled to meet federal councillor Guy Parmelin, Swiss companies, and Indian industry representatives to push forward discussions on the India-EFTA Trade and Economic Partnership Agreement (Tepa), which is seen as a critical pillar of India's strategy to diversify trade partnerships and reduce reliance on traditional markets, the statement said. The minister's itinerary includes participation in the Swissmem Industry Day and a roundtable with the Swiss mechanical and electrical industries—sectors in which Switzerland has deep expertise and where India is seeking greater technology partnerships. The visit comes at a time when India is seeking to push forward stalled trade negotiations with several partners, including those under EFTA, amid a broader geopolitical push to deepen ties with Western democracies and reduce China-dependency in global supply chains. Switzerland, which has a major share of EFTA's total trade with India, is seen as a key player in finalising a balanced and forward-looking Tepa deal. After concluding engagements in Switzerland, Goyal will travel to Sweden, where he will co-chair the 21st session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) alongside Swedish minister for international development cooperation and foreign trade, Benjamin Dousa, the ministry said in the statement. The commission meeting will serve as a platform to review the current economic cooperation and identify new areas of collaboration, the ministry said. In Sweden, bilateral meetings are also lined up with Håkan Jevrell, state secretary to the minister of development cooperation and foreign trade, as well as CEOs of major Swedish firms, including Volvo Group, Ericsson, IKEA, Sandvik, Alfa Laval, and SAAB, the ministry said. Discussions are likely to focus on green technologies, advanced manufacturing, and innovation—areas where Sweden has global leadership and where India is aiming to accelerate its industrial transition.
Yahoo
5 days ago
- Automotive
- Yahoo
Volvo Cars sales decline by 12% in May
Geely-owned Volvo Cars has reported a 12% decline in global sales for May, with a total of 59,822 cars sold during the period. This downturn is compared to the same period last year, indicating a significant shift in the company's sales dynamics. Electrified models, which include fully electric and plug-in hybrid cars, constituted 44% of the total sales for May, yet they experienced a 20% decrease from the previous year. Fully electric cars made up 21% of the total sales, while plug-in hybrids accounted for 23%. The XC60 emerged as the top-selling model with 19,408 units, followed by the XC40/EX40 at 14,892 cars, and the XC90 at 8,794 cars. Sales of mild hybrids and internal combustion engine vehicles reached 33,478 units in May, marking a 5% year-over-year decline. The sales of fully electric vehicles saw a significant 27% annual drop, with 12,391 units sold, and plug-in hybrid deliveries fell by 11% to 13,953 cars compared to the same period a year earlier. In the first five months of 2025, Volvo Cars sold 290,922 units, which is an 8% decrease year-on-year. In April, figures had already shown a downward trend, with a 10% drop in global sales for March 2025, primarily due to reduced sales of fully electric vehicles. The company sold 70,737 cars, compared to the same month in the previous year. Also, Volvo Group, the parent company, also reported a 7% drop in net sales to Skr121.8bn ($12.65bn) for the first quarter of 2025, ending on 31 March, down from Skr131.2bn in the same period last year. Sales declined across all regions and segments, with the exception of buses. Both adjusted and reported operating income for Q1 2025 stood at Skr13.25bn, a decrease from Skr18.15bn in Q1 2024. "Volvo Cars sales decline by 12% in May" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Time of India
6 days ago
- Automotive
- Time of India
VE Commercial Vehicles sales surges 7.2% with 6,758 units in May
VE Commercial Vehicles Ltd. (VECV), a joint venture between Volvo Group and Eicher Motors , reported a total sales volume of 7,402 units in May 2025, registering a 7.3per cent growth compared to 6,901 units sold in May 2024. The performance was primarily driven by the Eicher-branded trucks and buses, which sold 7,258 units in May 2025, an 8per cent increase from 6,719 units sold in the same month last year. In the domestic commercial vehicle (CV) market, Eicher sold 6,758 units, up 7.2per cent from 6,304 units in May 2024, reflecting steady demand across key segments. Strong Export Performance VECV also saw a robust performance on the exports front, with 501 units sold in May 2025 compared to 415 units a year earlier — a 20.7per cent growth, underlining the company's expanding global reach and strong overseas demand for Eicher-branded vehicles. Volvo Brand Records Decline In contrast, Volvo Trucks and Buses reported a decline in performance, with 144 units sold in May 2025 compared to 182 units in May 2024 — a 20.9per cent de-growth. The decline is attributed to cyclical trends in the premium segment and slower project-related demand. Despite the dip in Volvo-branded sales, VECV's overall growth in May 2025 highlights resilient domestic demand and expanding export momentum, reinforcing its position as a key player in India's CV industry. The company continues to focus on innovation, expanding product offerings, and strengthening its presence across markets.
Yahoo
23-05-2025
- Automotive
- Yahoo
Advanced Engine and Component Manufacturing Achievements Highlighted in Recent Webinar
Featuring speakers from Cummins, Tenneco, and Volvo Group – now available to view online Washington, D.C., May 23, 2025 (GLOBE NEWSWIRE) -- Industry experts from leading companies in engines, equipment, and components recently came together in a webinar to discuss what it takes to manufacture advanced engines and components, from concept to customer. The webinar is now available for online viewing. The session features representatives from Cummins, Tenneco, and Volvo Group who shared insights about their approach to producing advanced engine technologies for heavy-duty vehicles and equipment. 'Internal combustion engines (ICEs) are truly a marvel of technology – delivering increased performance and fuel efficiency while achieving near-zero emissions,' said Allen Schaeffer, Executive Director of the Engine Technology Forum, the sponsor of the webinar. 'Producing these complex engines involves a rigorous, multi-step process focused on meeting customer needs. This session brings together a full range of perspectives from a leading Tier 1 component supplier, engine manufacturer, and heavy-duty truck manufacturer.' Steve Krause, Executive Director Sales and Strategy, Powertrain Group at Tenneco, a leading Tier 1 supplier, outlined their commitment to advancing internal combustion engine technology through continued technical developments, innovation in design, ongoing improvements in manufacturing and processes, and the use of alternative fuels aimed at reducing emissions to near-zero levels. He highlighted the extensive use of advanced analysis tools to achieve right-first-time validation, emphasizing how engineering excellence in components remains essential to driving continued advancements in internal combustion engines. Imon Uduehi, General Manager for Alternate Fuels and Fuel Delivery Systems at Cummins detailed their road to manufacturing the hydrogen internal combustion engine; a commitment that spans production and storage of hydrogen, manufacturing of fuel cells, and hydrogen for internal combustion engines. The HELM™ - Higher Efficiency, Lower Emissions, and Multiple Fuels - Cummins engine platform was reviewed. The prototype production of the 6.7H engine was used as an example, noting that it is successfully demonstrating diesel-like performance ratings and is a flexible compliant architecture package and is design future-proofed for market applicability. Niclas Söderström, Director of Engineering GTO Powertrain Production at Volvo Group outlined their process to develop today's advanced engines. The process involves establishing requirements, virtual design, manufacturing of prototypes, builds for certifications, product validation, and final product delivery. An integrated process includes not only technology but also purchasing and operations to support the product in the field. He highlighted the work of the Volvo Group Hagerstown plant in producing a range of engines and axles for both Volvo and Mack Trucks. A diverse audience was in attendance, including representatives from municipal, state, and federal government agencies; research and technical institutions; academia; NGO's; and truck, engine, and equipment manufacturers as well as dealers and the service and equipment industry. View the recorded webinar here. About the Engine Technology ForumFounded on the principles of fact-based education, science, outreach and collaboration, the Engine Technology Forum is dedicated to promoting a greater understanding of the benefits of advanced engines and the fuels that they use, as well as how these contribute to a sustainable future. Sign up for our digital newsletter and connect with us on LinkedIn, X, Facebook, Instagram, and YouTube. CONTACT: Allen Schaeffer Engine Technology Forum 3015149046 aschaeffer@ 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
18-05-2025
- Business
- Yahoo
Andrea Fuder, Chief Purchasing Officer at Volvo Group has tragically passed away
GOTHENBURG, Sweden, May 18, 2025 /PRNewswire/ -- Andrea Fuder, Chief Purchasing Officer and a member of the Volvo Group Executive Board since 2017, has tragically passed away following a short illness. Andrea led the global purchasing team and its ecosystem of supply partners through one of the most significant transformations the industry has ever seen, including navigating the pandemic, supply shortages, and an increasing volatile geopolitical landscape. She was instrumental in driving the Volvo Group transition towards more sustainable transport solutions. "My thoughts are with Andrea's loved ones during this difficult time of loss. There is no doubt that the leaves behind a remarkable legacy, having played a vital role in the Volvo Group success over the past eight years. She was a true driving force in harnessing purchasing power as a catalyst for positive change. Thanks to her dedication and commitment, our supply network is stronger than ever. Andrea will be deeply missed," says Martin Lundstedt, President and CEO, Volvo Group. Jens Holtinger, Executive Vice President Group Trucks Operations will serve as acting Chief Purchasing Officer. Journalists wanting further information, please contact:Claes Eliasson, Head of Media Relations+46 76 553 7229press@ For more information, please visit For frequent updates, follow us on LinkedIn The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers' uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets. In 2024, net sales amounted to SEK 527 billion (EUR 46 billion). Volvo shares are listed on Nasdaq Stockholm. This information was brought to you by Cision The following files are available for download: Press Release - Andrea Fuder, Chief Purchasing Officer at Volvo Group has tragically passed away AndreaFuder 1860x1050 View original content: SOURCE AB Volvo 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
