|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||16.45 - 16.60|
|52 Week Range||12.88 - 17.18|
|Beta (5Y Monthly)||1.39|
|PE Ratio (TTM)||10.85|
|Forward Dividend & Yield||1.08 (6.51%)|
|Ex-Dividend Date||Apr 02, 2019|
|1y Target Est||N/A|
Volvo is building a new battery assembly plant alongside its existing factory in South Carolina to support a line of EVs in the U.S., including a forthcoming all-electric version of the next-generation XC90 crossover, Automotive News reports. The battery plant is part of an additional $600 million investment Volvo announced in 2017 for its 2.3 million square-foot plant near Charleston, where it currently builds the S60 for global markets and is adding a second line and training facilities. The existing plant will similarly become the global production center for the third-generation XC90.
Nestled in the foothills of the Blue Ridge Mountains between Atlanta and Charlotte, Greenville County was the heart of textile country in South Carolina for much of the 20th century.Many of the spinning rooms in the area are now gone, replaced by advanced manufacturing ranging from power-generating turbines for General Electric to sport utility vehicles (SUVs) for German carmaker BMW in neighbouring Spartanburg County.The transformation " and health " of the local economy is a testament to the efforts state and local officials have made in the past quarter-century to attract international investment and diversify South Carolina's manufacturing base. Unemployment is at a record low and per capita income has steadily risen statewide since the global financial crisis a decade ago.Not all is rosy, however. South Carolina, in the southeastern US, has found itself caught in the cross hairs of the trade war that has raged between the country and China for the past 18 months.The dispute has cast a pall over recruitment efforts, with international companies hesitant to make long-term investments, as uncertainty over the trade war outcome lingers, state and local officials said. It also has pressured the trading relationship with South Carolina's largest export market: China.As the two countries prepare to sign a "phase one" agreement on Wednesday, South Carolina officials are hopeful the truce will give companies more certainty about the future and help prolong what has been a period of unprecedented growth in the state."It takes a long time to establish those relationships," Knox White, the mayor of Greenville, said."The disruption of those relationships and how far-reaching that will be, whether they can be repaired and how long it would take to repair them, those are consequences we will be living with no matter if everything was over with tomorrow," he said. "People move on.""More than 400 companies from 34 countries call Greenville, Spartanburg and the eight surrounding counties that make up South Carolina's upstate region home, including Chinese-owned Volvo Cars, BMW, French tyre manufacturer Michelin and Japanese electronics manufacturer Kyocera Mita.With a population of 5.15 million people, making it smaller than Hong Kong, South Carolina has an economy that is one of the most reliant on exports in the US.The state shipped US$34.6 billion of goods overseas in 2018, or the equivalent of 15 per cent of its gross domestic product, according to data from the Office of the US Trade Representative. Only the states of Louisiana, Texas and Kentucky were more dependent on exports that year.An employee works on a S60 on the assembly line at the Chinese-owned Volvo Cars manufacturing plant in Ridgeville, South Carolina. Photo: Handout alt=An employee works on a S60 on the assembly line at the Chinese-owned Volvo Cars manufacturing plant in Ridgeville, South Carolina. Photo: HandoutBMW exports 70 per cent of the cars it produces at its plant in Spartanburg, while Volvo Cars, owned by Zhejiang Geely Holding of China, ships about half of its S60 cars from its plant in Ridgeville. Boeing assembles and delivers its 787 Dreamliner worldwide from Charleston.The South Carolina Ports Authority handled a record 2.39 million twenty-foot equivalent container units and shipped 195,000 vehicles in financial year 2019, which ended in June. That represented an 8.8 per cent increase in container volume.China also has become the largest export destination for South Carolina-made goods, outpacing Germany and Canada since 2013, according to US Census Bureau data. The state was the fourth biggest exporter in the US to China in 2018 and shipped some US$5.8 billion of goods to the mainland in the first 10 months of 2019.Despite the state's reliance on international trade, President Donald Trump " and his protectionist trade policies " remain incredibly popular in South Carolina, where he took nearly 55 per cent of the popular vote in the 2016 general election."Most companies that I talk to, they understand we need to address the issue with China, whether it's around intellectual property or whether it's around subsidisation of industries like steel," said Ted Pitts, president and chief executive of the South Carolina Chamber of Commerce.Since July 2018, Trump has placed tariffs on hundreds of billions of dollars of Chinese-made goods as he tries to force Beijing to change decades of industrial and trade policy. China has responded in kind with its own retaliatory tariffs.On the surface, the trade dispute does not appear to have dramatically hurt South Carolina's economy.Unemployment was at 2.4 per cent in November, its lowest level since state-by-state record-keeping by the US Department of Labor began in 1976. Per capita income rose to US$45,414 at the end of the third quarter of last year, representing a 43 per cent gain since wages last fell a decade ago, according to the US Bureau of Economic Analysis.Housing starts rose 2.7 per cent year on year in November and South Carolina was on pace to easily surpass the value of its 2018 exports at the end of October.Joseph Von Nessen, a research economist at the Darla Moore School of Business at the University of South Carolina, said growth "softened" somewhat in 2019, much like the US as a whole, but the state's economy has proven to be "very resilient" to shocks from the trade dispute, so far. However, they have been more apparent in areas like manufacturing exports."The growth rate of export activity dropped off significantly in 2018, primarily as a result of a 40 per cent tariff on US autos that was put in place by China in the summer of 2018 and that was rolled back in early 2019," Von Nessen said." Since then, export activity has slowly been working its way back in terms of the overall rate of growth. It has not yet hit that pre-July 2018 level."So far in the 2020 financial year, the cargo volume growth at the state ports authority has slowed to 5 per cent. The number of empty containers it ships overseas after unloading, primarily back to Asia, has grown "exponentially", according to Jim Newsome, its president and CEO. The volume it moved out of Charleston and its inland ports rose 32 per cent in financial year 2019 as the trade war intensified."There are very few foreign direct investment projects right now. So, and you say, well, why?," Newsome said. "I just think uncertainty is kind of the enemy of a big investment basically. If you look back in five years and you say what is the impact of this trade war, I would say the answer to that for me will be what happened to foreign direct investment in manufacturing."Companies are taking longer to decide whether to expand production or make future investments against the backdrop of the trade war, officials said."The main difference is that companies' decision-making process is lengthened " they are looking but waiting to make a final decision," Alex Clark, a spokeswoman for the South Carolina Department of Commerce, said.Frank T. Davis III, a lawyer at Haynsworth Sinkler Boyd in Greenville, said it is not just Chinese companies that are rethinking whether to locate in the US, but European companies as well."The trade issues make it very difficult to plan for investment in long-term capital expenditures because you had what was already in a global, very competitive economy; you had some fairly nuanced economic decisions that are now being clouded by the trade uncertainty," said Davis."If you had a clearer idea of underlying policies, it would be easier to plan for that. This one is just particularly hard because it sort of depends sometimes on what side of the bed somebody has gotten up on."In light of the trade dispute, some companies have shifted part of their production out of South Carolina, while others have sought new suppliers or borne the higher costs of raw materials and components.Volvo, which opened a US$1.1 billion plant in Ridgeville in 2018, was forced to shift its S60 exports slated for China to Europe, the Middle East and Africa when tariffs went into place, a spokesman said. It now produces S60s for the Chinese market in Daqing."Aside from China, the trade tensions have not impacted exports to other countries," the spokesman added.Volvo plans to produce its XC90 in South Carolina beginning in 2022 and double its 1,500-person workforce when the new model production comes online.BMW's manufacturing plant in South Carolina where it produces the X3 and X6 SUVs among other models. Photo: Handout alt=BMW's manufacturing plant in South Carolina where it produces the X3 and X6 SUVs among other models. Photo: HandoutBMW produces five models and their variants in Spartanburg, its largest global manufacturing facility employing more than 11,000 people. It continues to make the X3 SUVs there, even though BMW has started rolling out the same model in China 18 months ago for the mainland market, spokesman Phil Dilanni said. As such, no production was moved from the South Carolina plant and China remains its biggest export market, he added."BMW has always made clear that we believe in free trade," Dilanni said. "It is free trade that had made the billions of dollars that we've already invested in US manufacturing and jobs possible."John Ling, who formerly headed South Carolina's economic development office in Shanghai and now works as a consultant in the US, said the trade dispute has been "unchartered territory" for many companies. He has received inquiries from both Chinese and US firms trying to navigate the uncertainty."This past year has probably been my busiest," said Ling, a native of Chongqing who now lives in Greenville.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.
The 2020 Volvo XC40 is a relative newcomer to the Swedish automaker’s lineup, launched two years ago as a crossover slotting below the XC90 and XC60 in both size and price. It’s stylish, tech-forward, and embodies the safety that’s synonymous with Volvo. Of course, it goes up from there, but in general, the XC40 provides more features for the money than its primary competitors (Audi Q3, BMW X1/X2, Mercedes GLB).
Luxury German carmaker Daimler and Volvo, owned by China's Geely, are considering cooperating to cut the costs of developing combustion engines, a magazine reported on Sunday, citing unnamed company sources. The Automobilwoche weekly cited a Volvo manager as saying there were initial talks with Daimler, but no concrete plans, while a company spokesman said it was too early to talk about firm projects, although it was not excluding anybody. A Daimler spokesman said the company's cooperation with Geely, which owns a 10% stake in the German carmaker, was developing in a positive way, but declined to comment further.
Luxury German carmaker Daimler and Volvo Cars, owned by China's Geely, are considering cooperating to cut the costs of developing combustion engines, a magazine reported on Sunday, citing unnamed company sources. The Automobilwoche weekly cited a Volvo manager as saying there were initial talks with Daimler, but no concrete plans, while a company spokesman said it was too early to talk about firm projects, although it was not excluding anybody. A Daimler spokesman said the company's cooperation with Geely, which owns a 10% stake in the German carmaker, was developing in a positive way, but declined to comment further.
Hot on the heels of the Cadillac XT6 and its meager showing in the luggage test comes another member of the three-row luxury crossover segment: the 2020 Volvo XC90 and specifically the T8 plug-in hybrid trim. On paper, the Volvo has 15.8 cubic-feet of space behind its third-row seat, besting the XT6 (12.6), tying the Acura MDX, and falling short of the Lincoln Aviator (18.3, see video at the bottom of this post). In this way, the XT6 and others have an advantage.
Among the haul, the BMW X3 xDrive30e plug-in hybrid went into production this month and comes to the U.S. next year, perhaps as a 2021 model. Slotting into the lineup between the gas-powered X3 xDrive30i and topflight M40i, the PHEV powertrain pairs a turbocharged 2.0-liter four-cylinder making 181 horsepower with a 107-hp electric motor and a 12-kWh lithium-ion battery located under the rear seat. Gas mileage will be the PHEV's selling point, and we await EPA figures.
The number of votes in AB Volvo has changed due to the conversion of a total of 441 304 Series A shares to a total of 441 304 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.
Volvo Group has named a financial services executive to lead its new autonomous solutions unit. Nils Jaeger will oversee Volvo's efforts in autonomous and connected vehicles, including the driverless Vera port vehicle, autonomous agricultural applications in Brazil and automated mining operations in Norway. Jaeger is president of the Europe, Middle East and Africa for Volvo Financial Services.
In November 2020, Volvo Group will arrange its capital markets day in co-ordination with Sandvik and SKF. The Sandvik and SKF capital markets days will be held in Austria and the Volvo Group capital markets day will be held in Gothenburg, Sweden.
Nils Jaeger, currently President Region EMEA, Volvo Financial Services, has been appointed President of the new Volvo Group business area Volvo Autonomous Solutions. He will report to the Volvo Group President and CEO Martin Lundstedt and be a member of the Group management team.
Volvo Financial Services has invested in REIN, a leading insurtech start-up company, to deploy the next generation of connected insurance services to the commercial transport industry. VFS Innovation Ventures, a newly formed entity within VFS, has joined the REIN investor group through its strategic investment in the company.
(Bloomberg) -- Isuzu Motors Ltd. shares fell the most in four months in Tokyo trading after the company agreed to buy Volvo Group’s UD Trucks unit for about 250 billion yen ($2.3 billion), raising concerns it’s overpaying for the business.The stock dropped as much as 5.1%, the biggest intraday decline since Aug. 6, to 1,314 yen on Thursday. It was the worst-performing stock on the Nikkei 225 Stock Average.The offer of “250 billion yen sounds very big,” said Tatsuo Yoshida, a Tokyo-based automotive analyst at Bloomberg Intelligence. “No businessman is a fool, and Isuzu found them valuable. In that sense, it’s almost creepy. I’m wondering how Isuzu sees potential in the business.”More broadly, the agreement is part of the wave of alliances and consolidation spreading through the auto industry as the rise of electric and autonomous vehicles prompts companies to team up to pool resources and save costs.Volvo shares gained 3.6% to 155.45 kronor at the close in Stockholm on Wednesday. Both said they expect to complete the deal by the end of next year.To contact the reporter on this story: Shiho Takezawa in Tokyo at email@example.comTo contact the editors responsible for this story: Young-Sam Cho at firstname.lastname@example.org, Reed Stevenson, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Volvo AB (NASDAQ: VLVLY ) is selling its UD Trucks unit in Japan to Isuzu Motors Ltd. with the two companies planning to partner on new technologies like electrification and autonomous trucking. A nonbinding ...
Japanese truck manufacturer Isuzu Motors has reportedly bought UD Trucks, the truck manufacturing unit of Swedish automaker Volvo AB, to develop next-generation technologies like electric and self-driving trucks. Isuzu, which sold over 500,000 vehicles last year, has recently vowed to develop electric vehicles to keep up with consumer demand. Meanwhile, selling off UD Trucks will provide Volvo an added operating income of roughly 2 billion kronor ($212 million) while increasing its cash reserves by 22 billion kronor ($2.3 billion).
TOKYO/STOCKHOLM — Sweden's Volvo will sell its Japan-based UD Trucks business to Isuzu Motors in a deal worth around $2.3 billion, exiting a low-margin business and boosting its cash pile as competition for high-tech trucking heats up. The deal, announced by the companies on Wednesday, is part of a broader alliance that will see them share advanced technology for electric and self-driving trucks and use their combined heft to cut development costs. Volvo shares rose 5% in morning trading.
The Volvo Group and Isuzu Motors today signed a non-binding Memorandum of Understanding with the intent to form a strategic alliance within commercial vehicles in order to capture the opportunities in the ongoing transformation of the industry.
TOKYO/STOCKHOLM (Reuters) - Sweden's Volvo AB will sell its Japan-based UD Trucks business to Isuzu Motors in a deal worth around $2.3 billion, exiting a low-margin business and boosting its cash pile as competition for high-tech trucking heats up. The deal, announced by the companies on Wednesday, is part of a broader alliance that will see them share advanced technology for electric and self-driving trucks and use their combined heft to cut development costs. Volvo shares rose 5% in morning trading.
Volvo, widely known for its sharp safety acumen, has discovered a potentially faulty part on select 2011-2017 S60 and V60 models. As a result, Volvo has issued a recall covering nearly 145,000 vehicles. In total, the recall potentially affects 144,937 cars, including the S60, S60L, S60 Cross Country, V60, and V60 Cross Country.
Chinese-owned Volvo Cars said on Monday it had sold 5 billion Swedish crowns ($519 million) of convertible preference shares to a group of Swedish investors to replace an issue of preference shares of the same size that had matured. Volvo Cars, owned by China's Geely Holding, said the deal was a vote of confidence in its business from major investors including Swedish pension fund AMF and Swedish insurance and pension savings group Folksam. Carmakers are grappling with trade wars, high costs for developing electric and driverless cars, and a global industry downturn, which caused Volvo to postpone plans for a listing last year.
Scott Rafkin, currently President of Volvo Financial Services, has been appointed to the new position of Executive Vice President and Chief Digital Officer for the Volvo Group, effective January 1, 2020. In this role he will be a member of the Executive Board and report to the Volvo Group President and CEO Martin Lundstedt.