|Bid||152.90 x 0|
|Ask||152.95 x 0|
|Day's Range||149.00 - 153.70|
|52 Week Range||95.00 - 175.10|
|Beta (5Y Monthly)||1.39|
|PE Ratio (TTM)||9.80|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Apr 09, 2020|
|1y Target Est||159.27|
Volvo Cars, owned by China's Geely Holding, said on Wednesday it sold 40% more cars in May than in April, as restrictions to contain the spread of the COVID-19 pandemic started to ease in several markets. While still down 25.5% in May from a year earlier, the Swedish car maker sold 44,380 cars in the month compared to the 31,760 sold in April, helped by improving showroom traffic trends in Europe, a quicker than expected recovery in the United States, and strong growth in China. Volvo said China sales grew 21.8% in May, while U.S sales inched down 2.5% year-on-year but bounced back strongly from April as states started to ease restrictions in place due to the pandemic.
Volvo Cars, owned by China's Geely Holding [GEELY.UL], said on Wednesday it sold 40% more cars in May than in April, as restrictions to contain the spread of the COVID-19 pandemic started to ease in several markets. While still down 25.5% in May from a year earlier, the Swedish car maker sold 44,380 cars in the month compared to the 31,760 sold in April, helped by improving showroom traffic trends in Europe, a quicker than expected recovery in the United States, and strong growth in China. Volvo said China sales grew 21.8% in May, while U.S sales inched down 2.5% year-on-year but bounced back strongly from April as states started to ease restrictions in place due to the pandemic.
The number of votes in AB Volvo has changed due to the conversion of a total of 526 607 Series A shares to a total of 526 607 Series B shares. The conversions were implemented with the support of the opportunity for Series A shareholders to request conversion of Series A shares to Series B shares which was entered in the Articles of Association at the 2011 Annual General Meeting.
U.S. companies' borrowings for capital investments fell about 7% in April from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Tuesday. Washington-based ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 71.7% in April, down from 74.2% in March. ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States.
Volvo is keeping one of its more controversial promises by installing an electronic speed limiter in all of its cars regardless of drivetrain type, horsepower, body style, or target market. Starting in May 2020, every new Volvo will stop accelerating when its speedometer displays 112 mph. This number wasn't chosen at random, or because it's thought to bring good luck in Swedish folklore. It simply corresponds to 180 kph, which is well above the speed limit in nearly every country around the world.
Because Volvo 240s tend to keep running for many years, because so many 240s were built during their near-20-year production run, and because Volvo 240 owners love their cars enough to keep them alive, plenty of these squared-off Swedes remain on the street to the present day. Just as everyone who cares about old Volvos today refers to the Amazon by its Swedish-market name rather than its American-market name (122S), so does every Volvo freak refer to any 240 wagon as a 245, regardless of the badging Volvo happened to have used in that model year. It also has factory air conditioning, which many Volvo buyers saw as a frivolous waste of money and gasoline, even as late as 1987.
AB Volvo hereby gives notice to the Annual General Meeting Thursday, June 18, 2020. Due to the extraordinary situation, the Meeting will be held without physical presence. However, AB Volvo welcomes participation at the Meeting through advance voting, and encourages shareholders to ask questions in advance by post or e-mail.
Volvo said its financial position was strong but the business environment internationally was uncertain. As a "precautionary measure", it was appropriate not to pay a dividend, it added. "The Board of Directors of AB Volvo has decided to withdraw the proposal to the Annual General Meeting for an ordinary dividend of SEK 5.50 per share and instead proposes that no dividend for 2019 will be paid," it said in a statement.
The Board of Directors of AB Volvo has decided to withdraw the proposal to the Annual General Meeting for an ordinary dividend of SEK 5.50 per share and instead proposes that no dividend for 2019 will be paid.
Volvo reportedly has plans to launch an electric crossover coupe called the XC100 Recharge for the 2024 model year. A new report from Motor Trend spills some details, but doesn’t cite anybody within Volvo as the source of information. If Volvo follows the trends of its European competitors, it’ll feature similar design characteristics as the BMW X6 and Mercedes-Benz GLE Coupe.
Swedish automaker Volvo Cars said that it will add lidar sensors and new perception technology from Silicon Valley start-up Luminar to some of its models starting in 2022. Luminar's lidar technology will allow Volvo to offer highway self-driving as an option, the company said. Volvo's upcoming highway self-driving system, called Highway Pilot, will be in keeping with the company's decades-long focus on safety, chief technology officer Henrik Green said, as well as a big step toward fully self-driving vehicles.
Volvo will begin installing lidar on its production cars in the near future as it moves closer to truly autonomous driving. The photo above shows how Volvo and the lidar tech company Luminar intend to integrate the technology into the car. Unlike many of the sensors and radar boxes we see in bumpers these days, lidar systems are mounted at roof height.
Volvo Cars will start producing vehicles in 2022 that are equipped with lidar and a perception stack — technology developed by Silicon Valley startup Luminar that the automaker will use to deploy an automated driving system for highways. For now, the lidar will be part of a hardware package that consumers can add as an option to a Volvo's second-generation Scalable Product Architecture vehicles, starting with the XC90. Volvo will combine Luminar's lidar with cameras, radar, software and back-up systems for functions such as steering, braking and battery power to enable its highway pilot feature.
Volvo Cars is deepening ties with lidar sensor specialist Luminar, and has struck a deal with the Silicon Valley-based start-up to integrate its technology in its new car platform, SPA 2, the Sweden-based car maker said on Wednesday. Volvo, owned by China's Geely Holding, bought a stake in Luminar in 2018 and has been collaborating with the company on developing the technology, which it sees as key for autonomous drive and its initial plan to offer a highway pilot feature.
Volvo Car Group, owned by China's Geely Holding, said on Wednesday it was giving notice of redundancy to 1,300 white-collar workers in Sweden as the impact from the pandemic raised the urgency of lowering structural costs. Volvo told Automotive News Europe earlier in April that projects would be cut or sidelined as R&D budgets faced the pinch of the pandemic. The carmaker, which has 24,000 staff in Sweden excluding some 2,000 consultants, said in a statement the measures also included a continued review and reduction of consultancy contracts but would not affect its manufacturing operations.
Volvo Car Group, owned by China's Geely Holding, said on Wednesday it was giving notice of redundancy to 1,300 white-collar workers in Sweden as the impact from the pandemic raised the urgency of lowering structural costs. The carmaker, which has 24,000 staff in Sweden excluding some 2,000 consultants, said in a statement the measures also included a continued review and reduction of consultancy contracts but would not affect its manufacturing operations. CEO Hakan Samuelsson said the coronavirus crisis highlighted a need for Volvo to speed up its work to transform the company, reducing its scope in some areas in favour of expansion in fields such as online business, electrification and mobility.
A week ago, AB Volvo (publ) (STO:VOLV B) came out with a strong set of first-quarter numbers that could potentially...
Polestar, the electric performance brand spun out of Volvo, said the base price of its first all-electric vehicle will be $59,900 in the United States, lower than originally targeted. The 2021 Polestar 2, an electric performance fastback, is the first EV to come out of a brand that was relaunched three years ago. Polestar, once a high-performance brand under Volvo Cars, was recast as an electric performance brand in 2017.
Swedish truck maker AB Volvo (OTCMKTS:VLVLY) reported lower revenue and profit for the first quarter after weathering the early impacts of the coronavirus pandemic that it forecasts will dramatically reduce business results for the rest of the year."These began affecting our operations in China in February and had a severe impact on the Group as of mid-March, when our global supply chain was disrupted and production halted in most parts of our operations," CEO Martin Lundstedt said.Net sales were SEK 91.4 billion ($923 million), down 16% from SEK 107.2 billion in the year-ago quarter. Adjusted operating income amounted to SEK 7,14 billion ($72.1 million) was down from SEK 12.69 billion. The operating margin was 7.8% compared with 11.8% in the year-ago quarter. Operating cash flow of negative SEK 4.1 billion compared to positive cash flow of SEK 2.7 billion a year ago.Truck deliveries fallNew trucks deliveries fell 24% in the quarter with all regions except South America reporting lower volumes. Truck sales declined 15% to SEK 58.0 billion. Adjusted operating income was SEK 3.9 billion compared with SEK 8.3 billion in the first quarter of 2019. The 6.8% margin was down 44% from 12.2% a year ago.First-quarter new truck orders declined 16.1% year-over-year but grew increasingly worse as the quarter progressed. Net orders in March were down 75% from February. "Since the end of March, net order intake has been negative as a consequence of increasingly cautious customers and dealers cancelling already placed orders," Lundstedt said.Orders in North America fell 13% to 4,732 from 5,469 in the year-ago period. Mack Trucks was an exception with orders up 15% to 3,744 from 3,243.In North America, registrations of new trucks tumbled 26% to 57,459 from 77,216 a year ago. The Volvo Group, consisting of Volvo Trucks North America and Mack Trucks, were down 21% and 28% respectively.Forceful actions"The speed at which we were impacted [by COVID-19] forced us to take immediate and forceful actions to quickly reduce spending," Lundstedt said. "Measures such as salary reductions, temporary lay-offs and reduction of purchased services have already been implemented," adding that it will be difficult to match necessary cuts to falling business activity going forward.Volvo Trucks North America will resume production at its New River Valley manufacturing complex in Dublin, Virginia on April 27 at a reduced rate on one shift and with reconfigured manufacturing processes to allow for increased social distancing of employees. Mack Trucks said Thursday it plans to restart production on May 11 depending on supplier readiness."Customers are likely to reduce their capacity and postpone buying new vehicles and machines to adapt to lower business activity," Lundstedt said. "It is clear that we have entered a tough period with both production stops and low demand having a substantial negative impact on our profitability."See more from Benzinga * Union Pacific Sees First-Quarter Net Profit Grow * Daseke Appoints New CFO * Tight Capacity Will Drive Year-End Snapback In Trucking Markets: TIA Economist(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
"The first quarter of 2020 was impacted by the measures in society to stop the spread of the COVID-19 pandemic. These began affecting our operations in China in February and had a severe impact on the Group as of mid-March, when our global supply chain was disrupted and production halted in most parts of our operations. The reduced production and the lower demand impacted both the Group's sales and profits negatively in Q1. Net sales decreased by 15% to SEK 91.4 billion. Our adjusted operating income amounted to SEK 7.1 billion (12.7) with a margin of 7.8% (11.8). Cash flow was negative of SEK 4.1 billion with the normal seasonal effect from higher working capital. We maintain a strong financial position with net cash of SEK 57.8 billion in the Industrial Operations, pension and lease liabilities excluded," says Martin Lundstedt, President and CEO.
Sweden's AB Volvo <VOLVb.ST> on Thursday warned of stalling truck orders and a challenging adjustment to a "new normal" of feebler demand after reporting a smaller-than-expected fall in quarterly operating earnings helped by service sales. The rival to Germany's Daimler <DAIGn.DE> and Volkswagen subsidiary Traton <8TRA.DE> said its net order intake had turned negative since the end of March as customers rushed to cancel planned truck purchases due to the coronavirus pandemic. Volvo shares fell 6.65% by 0850 GMT.
Sweden's AB Volvo on Thursday warned of stalling truck orders and a challenging adjustment to a "new normal" of feebler demand after reporting a smaller-than-expected fall in quarterly operating earnings helped by service sales. The rival to Germany's Daimler and Volkswagen subsidiary Traton said its net order intake had turned negative since the end of March as customers rushed to cancel planned truck purchases due to the coronavirus pandemic. The Gothenburg-based manufacturer last suffered a demand downturn on a similar scale during the 2008 global financial crisis when cancellations outpaced new orders for a full quarter.
Daimler Trucks North America (DTNA), the largest manufacturer of heavy-duty trucks in North America, resumed production at its U.S. plants this week, albeit with plant-specific worker protections in place.The maker of Freightliner and Western Star trucks had suspended production on March 24 on a week-by-week basis at plants in Mount Holly and Cleveland, North Carolina; Gaffney, South Carolina; and Portland, Oregon."We are going to great lengths to ensure the safety of our employees and continue to assess the situation daily," the Portland-based subsidiary of Daimler Trucks AG said in a statement. "The safety and well-being of our employees is our priority as we return to work to support the critical essential infrastructure of the country."In addition to providing PPE at our locations, we have localized task forces comprised of both plant management and union labor representation at each of our manufacturing facilities to safeguard the health of our employees and to continue to assess our measures daily."Parent company Daimler AG (OTCMKTS: DDAIF) began reopening Mercedes-Benz car plants in Europe this week as well.Other truck makers reported various states of operation.Navistar International Corp. (NYSE: NAV), which makes International trucks in Springfield, Ohio, and Escobedo, Mexico, said last week it was extending its production suspension until early May while also trying to conserve cash. The company on Tuesday said it plans to sell $500 million in senior secured debt depending on market conditions."The extent of this virus is unprecedented, and our personal lives, businesses and global economies are being impacted by events beyond our control," Navistar CEO Troy Clarke said April 14.Volvo Group, parent for Volvo Trucks North America and Mack Trucks, did not immediately provide an update on production. * Mack had suspended production through April 17 in Lehigh Valley, Pennsylvania. * Volvo Trucks was operating a skeletal staff at its manufacturing complex in Dublin, Virginia. * An engine plant serving Volvo and Mack assembly plants was closed through April 10.PACCAR Inc. (NASDAQ: PCAR) parent of Kenworth Truck Co. and Peterbilt Motors, told analysts on its first-quarter earnings call Tuesday that it was gradually reopening plants, starting with Europe and Australia."It's going to be done on a location-by-location basis in a phased manner," PACCAR CEO Preston Feight said. "We will work through the rest of our plants in the coming weeks and make sure we take care of the employees and bring the truck factories back up and running."Truck manufacturers face a difficult environment as new equipment orders were already challenged by overproduction in 2018 and 2019.The coronavirus pandemic made the situation more dire as North American industry inventory-to-sales ratios of unsold trucks swelled to 4.1 months at the end of March compared with the desired 2.5 months, according to ACT Research.Photo credit: DaimlerSee more from Benzinga * Landstar Saw Market Deteriorate In Last Week Qf Quarter, Issues No 2Q Guidance * CSX First-Quarter Net Profit Falls But Operating Ratio Reaches Record * Get Ready For The New, Slimmer Delta(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Daimler and Volvo Trucks have agreed to join forces to develop, produce and sell fuel cell systems for heavy-duty vehicles, in a sign that the coronavirus crisis is accelerating consolidation. "The common goal is for both companies to offer heavy-duty vehicles with fuel cells for demanding long-haul applications in series production in the second half of the decade," Daimler and Volvo said on Tuesday. The joint venture agreed by the two companies will operate as an independent and autonomous entity, with Daimler Truck AG and the Volvo Group continuing to be competitors in all other areas of business, they said in a joint statement.