Latest news with #HakanSamuelsson
TimesLIVE
2 days ago
- Automotive
- TimesLIVE
Volvo boss Samuelsson wants EU to cut ‘unnecessary' car tariffs to defuse Trump threat
The CEO of Volvo Cars urged the EU to cut its 10% tariff on American-made cars, arguing European carmakers do not need protection from US competitors in an interview with Reuters on Thursday. Brussels, along with representatives from the car industry, has spent months trying to persuade Washington to lower its 27.5% tariff on imports of European cars. "If Europe is for free trade, we should be the ones showing the way and going down to very low tariffs first," Hakan Samuelsson said after the company reported second quarter earnings. US President Donald Trump has threatened to raise tariffs on EU car imports to 30% from August 1, increasing pressure on the bloc to strike a deal. Before Trump's tenure, the US had a 2.5% tariff on European-made cars, while the EU had a 10% duty on vehicles imported from the US, which Samuelsson previously said was unfair. "I think it's absolutely unnecessary. The European car industry definitely does not need to have any protection from American car builders," he told Reuters. Volvo Cars, majority-owned by China's Geely Holding ], is one of the most exposed European carmakers to US tariffs as most of its cars sold there are imported from Europe. Volvo announced on Wednesday that it would start US production in late 2026 of its best-selling model, the hybrid XC60, as a way to mitigate the tariffs. Its South Carolina plant only produces the Polestar 3 and electric vehicle model EX90, which has struggled to gain traction with US consumers. Volvo has also started slimming down its product offering in the US, Reuters reported on Wednesday.
USA Today
3 days ago
- Automotive
- USA Today
Volvo pushes EU for lower US auto tariffs as Trump threatens hike
The chief executive of Volvo Cars urged the European Union to cut its 10% tariff on American-made cars, arguing that European automakers do not need protection from U.S. competitors, in an interview with Reuters on Thursday. Brussels, along with representatives from the auto industry, has spent months trying to persuade Washington to lower its 27.5% tariff on imports of European cars. "If Europe is for free trade, we should be the ones showing the way and going down to very low tariffs first," Hakan Samuelsson said after the company reported second-quarter earnings. U.S. President Donald Trump has threatened to raise tariffs on European Union auto imports to 30% from August 1, increasing pressure on the bloc to strike a deal. Before Trump's tenure, the U.S. had a 2.5% tariff on European-made cars, while the EU had a 10% duty on vehicles imported from the U.S, which Samuelsson previously said was unfair. "I think it's absolutely unnecessary, the European car industry definitely does not need to have any protection from American auto builders," he told Reuters. Volvo Cars, majority-owned by China's Geely Holding is one of the most exposed European automakers to U.S. tariffs as the bulk of its cars sold there are imported from Europe. Volvo announced late Wednesday that it would start U.S. production in late 2026 of its best-selling model, the hybrid XC60 as a way to mitigate the tariffs. Currently, its South Carolina plant only produces the Polestar 3 and electric vehicle model EX90 which has struggled to gain traction with U.S. consumers. Volvo has also started slimming down its product offering in the U.S., Reuters reported on Wednesday. "These are the measures we have control over, rather than when it comes to tariffs we can only have an opinion like everybody else," Samuelsson said. Reporting by Marie Mannes; Editing by Stine Jacobsen and Rachna Uppal
Iraqi News
3 days ago
- Automotive
- Iraqi News
Volvo Cars swings into loss on electric vehicles, tariffs
Stockholm – Volvo Cars announced on Thursday it had swung into loss in the second quarter, after it took an impairment charge for its electric cars, booked restructuring charges and dealt with a slower, tariff-troubled market. The net loss of 8.1 billion kronor ($830 million) was due to a 11.4-billion-kronor writedown in the value of its EX90 electric SUV and ES90 electric sedan due to production delays, higher development costs than planned and now US tariffs making sales there unprofitable. 'Demand remains under pressure from the macroeconomic environment, tariff-related uncertainties and tougher competition,' chief executive Hakan Samuelsson said in the quarterly earnings report. The Sweden-based manufacturer owned by China's Geely also took a 1.4-billion-kronor restructuring charge, having announced 3,000 job cuts in May. The group had booked a net profit of 5.7 billion kronor in the same quarter last year. Excluding exceptional items, it estimated its quarterly operating profit at 2.9 billion kronor, down from 8.0 billion last year. Retail sales of cars dropped by 12 percent by volume, while revenue fell by eight percent to 93.5 billion kronor due to lower volumes and the higher value of the Swedish kronor. That beat the analyst consensus of 88.2 billion kronor compiled by Bloomberg. Shares in Volvo Cars shot more than seven percent higher as trading got underway on the Stockholm stock exchange. Volvo Cars announced in April an 18-billion-kronor cost-cutting plan, part of efforts to navigate a car market buffeted by US tariffs and a costly switch to electric vehicles. It said then it would adapt to the increasing regionalisation in trade. And on Wednesday it announced it would begin building its XC60 SUV in the United States next year to avoid the 25-percent US tariffs applied to its vehicles. The company said it would no longer provide financial guidance for 2025 and 2026 due to 'external developments and increased uncertainties'.
The Herald
3 days ago
- Automotive
- The Herald
Volvo will start building its XC60 in the US next year
Most of Volvo Cars' vehicles for the US market, which last year accounted for 16% of group sales, are imported from Europe. The company only produces its high-end SUV EX90 at the Charleston, South Carolina factory. CEO Hakan Samuelsson has earlier said a popular hybrid model needed to be added to the plant. The CEO said in April the carmaker would produce more cars in the US, while also ramping up its regionalisation efforts. Samuelsson told Swedish newspaper Dagens Nyheter Volvo Cars would need up to two years to expand its US car production. "In the short term, within one to two years, it will be about selling the cars we have," he said to DN, adding the situation would put pressure on profit margins and customers will have to pay more.
Time of India
3 days ago
- Automotive
- Time of India
Volvo CEO wants EU to cut 'unnecessary' auto tariffs to defuse Trump threat
The chief executive of Volvo Cars urged the European Union to cut its 10% tariff on American-made cars , arguing that European automakers do not need protection from U.S. competitors, in an interview with Reuters on Thursday. Brussels, along with representatives from the auto industry, has spent months trying to persuade Washington to lower its 27.5% tariff on imports of European cars. "If Europe is for free trade, we should be the ones showing the way and going down to very low tariffs first," Hakan Samuelsson said after the company reported second-quarter earnings. U.S. President Donald Trump has threatened to raise tariffs on European Union auto imports to 30% from August 1, increasing pressure on the bloc to strike a deal. Before Trump's tenure, the U.S. had a 2.5% tariff on European-made cars, while the EU had a 10% duty on vehicles imported from the U.S, which Samuelsson previously said was unfair. "I think it's absolutely unnecessary, the European car industry definitely does not need to have any protection from American auto builders," he told Reuters. Volvo Cars, majority-owned by China's Geely Holding , is one of the most exposed European automakers to U.S. tariffs as the bulk of its cars sold there are imported from Europe. Volvo announced late Wednesday that it would start U.S. production in late 2026 of its best-selling model, the hybrid XC60 as a way to mitigate the tariffs. Currently, its South Carolina plant only produces the Polestar 3 and electric vehicle model EX90 which has struggled to gain traction with U.S. consumers. Volvo has also started slimming down its product offering in the U.S., Reuters reported on Wednesday. "These are the measures we have control over, rather than when it comes to tariffs we can only have an opinion like everybody else," Samuelsson said.
