|Bid||147.95 x 0|
|Ask||148.05 x 0|
|Day's Range||147.85 - 150.65|
|52 Week Range||112.85 - 155.00|
|Beta (3Y Monthly)||1.34|
|PE Ratio (TTM)||9.48|
|Forward Dividend & Yield||5.00 (3.35%)|
|1y Target Est||159.27|
Volvo Trucks North America and the Western Star brand of Daimler Trucks North America will recall nearly 3,700 trucks between them for separate steering-related issues that could cause a crash. Volvo Trucks is recalling certain 2020 VNR and VNL vehicles because the steering gear mounting fasteners may be insufficiently tightened, allowing the steering gear to loosen. The recalled Class 8 trucks were manufactured from Jan. 1, 2019, through Oct. 17, 2019.
Volvo Trucks has started selling its "urban" electric trucks in key European markets. The manufacturer claims the models, which have no exhaust emissions and reduced noise levels, will help meet the increasing demand for sustainable transport solutions in city environments. Sales of the Volvo FL (gross vehicle weight 16 tons) and Volvo FE (gross weight 27 tons) have now begun in France, Germany, the Netherlands, Norway, Sweden and Switzerland.
(Bloomberg) -- Volvo Cars will use blockchain technology to trace the origin of cobalt used in its batteries in an effort to avoid supplies produced by children and under unethical conditions.The commodity, an important ingredient in lithium-ion batteries, is mainly extracted in Congo, which last year produced more than two-thirds of the world’s cobalt.While the mineral is mainly taken out of the ground by large industrial mines, about 17% is dug by hand by thousands of miners operating in the southeastern Katanga region before being sold on to intermediaries, according to trading house Darton Commodities. At that point, it’s difficult to distinguish from ethically mined cobalt.“We have always been committed to an ethical supply chain for our raw materials,” said Martina Buchhauser, head of procurement at Volvo. “With blockchain technology we can take the next step towards ensuring full traceability of our supply chain and minimizing any related risks, in close collaboration with our suppliers.”The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group, last month launched its first fully electric car, the XC40 Recharge. It has promised to roll out a new battery-electric model every year until 2025, joining other carmakers that are pushing the technology to meet customer demand and keep up with tightening emission regulations. Volvo buys batteries from China’s CATL and LG Chem of South Korea, and has signed a deal with the suppliers to start tracing cobalt this year.The blockchain technology stores transaction data that can’t be changed, and it is increasingly used to provide provenance for commodities, including tungsten and diamonds, whose extraction has been linked to human-rights violations and dangerous working conditions.The initiative is the latest by an auto industry that is being forced to grapple with new ethical challenges amid a massive shift away from fossil fuels. BMW AG said earlier this year it will buy cobalt directly from mines in Australia and Morocco to ensure the metal for its next generation of electric vehicles is sourced responsibly.The agreements between Volvo, CATL and LG Chem cover the supply of batteries over the coming decade for Volvo models as well as electric cars made by its 50%-owned Polestar brand, the company said. Circulor and Oracle Corp. will operate the blockchain technology across CATL’s supply chain, and Volvo has joined a Ford Motor Co.-backed initiative with RCS Global and International Business Machines Corp. to monitor LG Chem’s cobalt supply.To contact the reporter on this story: Niclas Rolander in Stockholm at email@example.comTo contact the editors responsible for this story: Anthony Palazzo at firstname.lastname@example.org, Andrew Blackman, Andrew NoëlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Volvo Cars said on Wednesday it will make the cobalt used in its batteries globally traceable using blockchain technology, following an agreement with its two battery suppliers, China's CATL and South Korea's LG Chem. Volvo, owned by China's Geely Holding, has lined up deals with CATL and LG Chem covering the battery supply over the coming decade for next generation Volvo and Polestar models, including the recently launched electric model XC40 Recharge.
The United Auto Workers voted 79% in favor of a new four-year contract at Mack Trucks following a 12-day strike that idled six facilities in three states and halted production at Volvo Trucks' only assembly plant in North America. Mack President Martin Weissburg told FreightWaves on Oct. 28 that Mack should be able to make up production lost during the strike because new orders are slow and the backlog of trucks awaiting production is shrinking. "Through the new four-year agreement, the UAW looks to further expand its long-term relationship with Mack Trucks," said Ray Curry, UAW secretary-treasurer and director of the UAW Heavy Truck Department.
Volvo Trucks North America unveiled its new VNR 660 truck, expanding its offerings for regional-haul applications, on Oct. 28 at the North American Commercial Vehicle (NACV) Show in Atlanta, Georgia. The ...
Mack Trucks is well on its way to making up lost production from a 12-day United Auto Workers' strike and sees state-level infrastructure spending buoying its off-highway vocational truck business in 2020. The UAW struck Mack for the first time in 35 years from October 14-25, idling 3,500 workers at six facilities in three states. The strike also caused Volvo Trucks North America to halt production at its plant in Dublin, Virginia because it shares an engine and transmission plant in Hagerstown, Maryland with Mack.
The United Auto Workers is ending its strike against Mack Trucks after 12 days. The first walkout in 35 years idled six facilities in three states and forced the layoff of 3,000 workers at Volvo Trucks only North American assembly plant. Mack Trucks announced the tentative agreement on Thursday evening, October 24.
Volvo Group Venture Capital is investing in an Israeli automotive cybersecurity startup to help protect its one million "connected assets," which it claims exceeds any competitor. "Our mission is to protect every connected vehicle and smart mobility service on the planet," said Yoav Levy, Upstream Security co-founder and CEO. The trucking industry and its supply chain rank fifth among all businesses at risk of cybersecurity attacks as the number of possible threats against the transportation sector has grown 100-fold in just four years, according to cyber experts.
Connectivity, electric trucks and autonomous vehicles were highlighted by Peter Voorhoeve, president of Volvo Trucks North America (VTNA) at Transport Expo ANPACT 2019. The event, which is being held in Puebla, Mexico from October 15-18, is an international exhibition for passenger and freight transportation. The expo is hosted by Mexico's national association of heavy duty truck and bus manufacturers (ANPACT).
AB Volvo (OTC: VLVLY) reported higher third-quarter profits and sales on Friday, October 18. Volvo earned $1.12 billion compared with $1.05 billion in the July-to-September period a year ago. Volvo shares have fallen 7% in value over the last six months as the truck market has cooled.
Swedish truckmaker AB Volvo reported a sharp decline in third-quarter orders and forecast a demand slump on both sides of the North Atlantic next year, taking the shine off forecast-beating earnings. Chief Executive Martin Lundstedt told a news conference that AB Volvo is well prepared for what he described as an expected correction in its main markets. Lundstedt said the Gothenburg-based company had reduced production volumes over the past quarter and would make further adjustments over coming quarters in light of declining orders.
Swedish truckmaker AB Volvo reported a sharp decline in third-quarter orders and forecast a demand slump on both sides of the North Atlantic next year, taking the shine off forecast-beating earnings. After years of strong demand, signs of a slowdown in commercial vehicles markets that have always been prone to violent cyclical swings have become increasingly apparent in recent months amid concern over international trade and the global economy. Chief Executive Martin Lundstedt told a news conference that AB Volvo is well prepared for what he described as an expected correction in its main markets.
The impact of a United Auto Workers' strike at Mack Trucks will nearly double next week when Volvo Trucks North America lays off about 3,000 employees because of a lack of engines and transmissions that come from a Maryland plant the companies share. A Volvo Group spokesman on Thursday confirmed the ripple effect of the 4-day-old strike on its New River Plant in Dublin, Virginia. "We communicated to our employees this morning that NRV will stop production Monday because of the effects of the strike at our Hagerstown powertrain operations," spokesman John Mies told FreightWaves.
Volvo Cars, owned by China's Geely Holding, is targeting a 40% reduction in the carbon footprint of each car it manufactures by 2025 as it bids to become fully climate neutral by 2040, it said in a statement on Wednesday. The company aims to reach the 2025 targets through a string of measures, including generating 50% of global sales from fully electric cars and having a 25% share of recycled plastics in new vehicles by that time, both of which have been previously announced. It is also aiming for a 25% cut in carbon dioxide emissions related to its global supply chain and its overall operations, including manufacturing and logistics, by 2025.
The United Auto Workers plans to strike Mack Trucks operations in three states on Sunday, the first walkout at the heavy-duty truck maker in 35 years. UAW Local 677 has 3,500 members at plants in Pennsylvania, Maryland and Florida. "We are disappointed that the company failed to provide any substantial offer prior to the October 1 expiration date or during the period in which we extended the contact," Ray Curry, secretary-treasurer of the UAW and director of its Heavy Duty Truck Department, said in a letter to William Waters, director of Employee and Labor Relations for Volvo Trucks North America.
A United Auto Workers strike against Mack Trucks could soon impact assembly at the Volvo Trucks assembly plant in Virginia because both get engines and transmissions from the same Maryland facility. It is the first UAW strike against Mack in 35 years.
Brazil's largest truckmakers are expressing optimism again about the growth prospects for Latin America's largest economy, even as the country continues to struggle to rebound from a deep recession that began in 2015. "We are breathing optimism," said Martin Lundstedt, Volvo Group's President and CEO, who traveled to Sao Paulo to take part in the biennial Fenatran expo, the largest truck and machinery trade show in the country. "Latin America ... is coming back.
Oct.16 -- Volvo Cars CEO Hakan Samuelsson speaks on Bloomberg Television about the launch of its first all-electric vehicle, the XC 40 Recharge. He speaks on "Bloomberg Markets."