Be The Change
Zhejiang Geely Holding Group Co., Ltd, commonly known as Geely, is a Chinese multinational automotive company headquartered in Hangzhou, Zhejiang. They own several world brands » Volvo Cars, Polestar, Lotus Cars, Farizon Auto, Zeekr, and the London Electric Vehicle Company (London Taxi).
Polestar 3
Electric vehicle maker Polestar reported an 84 percent increase in revenue for 2022 to roughly US$2.5 billion as it exceeded a 50,000-vehicle delivery target.
Its net loss for the year fell to US$466 million from more than US$1 billion in 2021.
Polestar, a Swedish premium and performance car electric car company, is owned by China-based Geely. Geely also owns Volvo.
More » CNBC / The Driven
How rapidly to make the switch is another question, and the one that is driving divergent strategies.
Ryan Felton, of the Wall Street Journal, reports traditional auto makers have pledged to transform their model lineups to EVs, but timelines vary.
Focused mostly on the profits, car makers do not want to get ahead of consumer demand on EV rollout. That could inflate their costs and hurt sales of ICE-powered vehicles, profits from which are needed to develop electric vehicles.
However, they know that lagging behind rivals would harm their chances to establish themselves in a major growth area over the next decades.
“We don’t want to risk missing the market,” Volvo Car AB Chief Executive Jim Rowan said during an earnings call this month. The Swedish auto maker is among those seeking to rapidly evolve into an electric-only manufacturer, saying it will offer an all-EV lineup by 2030. Last year, 11% of Volvo’s vehicle sales were electric.
VolvoEX90
The company’s chief commercial officer and deputy CEO Bjorn Annwall told CarExpert that, unlike some brands that persist with internal combustion development, Volvo’s commitment to be a battery electric vehicle company by 2030 means it has a potential for cost parity by mid-decade.
“I think it’s really important that you get cost parity between BEV and ICE,” Mr Annwall said.
“Our whole technical roadmap is geared to achieve exactly that, that by mid-decade, the cost for BEV should be same as ICE. And that’s the reason we need to work on optimising the full flow in a different way to get that out.
The federal court case — Ohio v. EPA — is pending in the U.S. Court of Appeals in Washington. 17 US states petitioned the court to revoke California’s Clean Air Act waiver, which allows the California to set emissions standards higher than federal standards.
The 17 petitioners opposing California and the Environmental Protection Agency are the US states of Ohio, Alabama, Arkansas, Georgia, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, South Carolina, Texas, Utah, and West Virginia.
Meanwhile, today New Jersey Governor Phil Murphy announced that the state will initiate the process to adopt California’s Advanced Clean Cars II.
The automakers — BMW, Ford, Honda, Lucid, Rivian, Tesla, Volkswagen, Volvo — essentially argue that California’s emissions standards are in line with market forces, noting in the brief that demand for EVs has drastically increased.
Read Stephen Edelstein’s article in Green Car Reports to learn more.
General Motors, Ford, and other large manufactures have recently committed billions of dollars towards further development of internal combustion engines (ICE) and their dinosaur-juice fuelled vehicles.
Commenting on his competitors’ slower move to electric vehicles, Volvo Cars’ new CEO Jim Rowan is promoting a different approach, and cautions his competitors against hedging their bets by investing heavily in internal combustion engines (ICE) as they “risk missing the market.”
LMC Automotive reported EV sales surged 72% globally to 7.97 million vehicles in 2022. Nearly 10 percent of new light vehicles sold were pure battery electric vehicles (BEV).
Volvo EX90
Volvo is introducing two new EV in 2023 and plans to launch a new EV model every year for the next three or four years.
The flagship Volvo EX90 all-electric 7-seat SUV and a second, more modest crossover will both be in production by the end of this year.
Source » Automotive News 🔒 /
Volvo EX90
Reuters »
Volvo Cars is gearing up for an electric blitz to convert all its mainstay models – three SUVs and two sedans – into electric vehicles and to introduce a luxury electric van aimed at boosting sales in Asia, two people with knowledge of the plans said.
…
Volvo has moved development work on sedans and the coming people-mover model to its Shanghai research and development hub.
Volvo Cars, headquartered in Sweden, is 82%-owned by China’s Zhejiang Geely Holding Group, commonly known as Geely.
Elsewhere » Motor1 / InsideEVs / Car and Driver / Automotive World
Electric vehicles will grab a larger share of China’s auto market next year as carmakers add more intelligent features, according to Group Lotus Chief Executive Officer Feng Qingfeng.
“EVs will be the brightest spot in China’s auto market next year and likely account for 30% of new auto sales or higher,” Feng said in an interview in Beijing Wednesday. “Another explosive driving force is that the intelligence level of EVs will see great advancement next year — understanding consumers better and being able to make more decisions independently.”
Lotus Tech, which develops cars for the Lotus brand, is tapping the potential for sports cars in the world’s biggest auto market against a small pool of competitors including Porsche Automobil Holding SE and BMW AG. New energy vehicles, which include plug-in hybrids and electric cars, accounted for just under 13% of China’s auto market in the first 11 months of this year.
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