The Volvo Cars manufacturing plant in Chengdu, the company’s largest in China, is now powered by 100 per cent renewable electricity, taking the company’s global renewable electricity mix in its manufacturing network to 80 per cent.
Volvo Cars sold 44,830 cars in May, down 25.5 per cent compared with the same month last year, as sales and showroom traffic trends in Europe improved and sales in China continued to grow. In the US, sales recovered quicker than expected as more states loosened restrictions put in place due to the coronavirus pandemic.
Volvo Car AB (publ) has signed a new 2-year SEK 10 666m revolving credit facility with a 1-year extension option with a group of Nordic banks (DNB, Nordea, SEB and Swedbank (coordinator)) as well as a new 2-year SEK 4 000m credit facility with a 1-year extension option with the Swedish Export Credit Corporation (SEK).
Every new Volvo car now comes with a limited top speed of 180kph, as Volvo Cars delivers on its promise made last year to introduce such a limitation and goes beyond regulation and legislation to help close the remaining gap to zero serious injuries and fatalities in traffic.
Volvo Cars, a global leader in automotive safety, is setting new safety and technology standards by partnering with tech firm Luminar to provide their industry-leading LiDAR and perception technology for Volvo’s next generation cars.
Volvo Cars sold 31,760 cars in April, down 43.8 per cent compared with the same month last year, as demand in Europe and the US continued to be affected by the coronavirus pandemic. China, meanwhile, returned to growth in April as showroom traffic began to return to normal levels.
Volvo Cars is today announcing plans to accelerate its transformation to effectively position the company for long term growth. As a result, it is giving notice for a reduction of 1,300 white-collar positions in its Swedish operations, plus a continued review and reduction of consultancy contracts.
Volvo Cars today launches a new online sales concept in several quarantined European markets, allowing customers there to buy or lease a brand new Volvo from the safety and comfort of their own home amidst the ongoing COVID-19 coronavirus pandemic.
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