Volvo Group

Volvo reports 38% drop in Q2 sales

Row of Volvo trucks and signage

Volvo Group (OTC: VLVLY) reported a 38% decrease in second-quarter sales as the COVID-19 pandemic racked its truck, bus and construction equipment units.

The Swedish parent company of Volvo Trucks North America and Mack Trucks said the temporary layoffs of 4,100 white-collar workers during the quarter are now permanent.

Net sales of SEK 73.2 billion ($8.1 billion) compared to SEK 120.7 billion ($13.3 billion) in the same period a year ago. Adjusted operating income was SEK 3,272 million ($361.6...

https://s29755.pcdn.co/news/volvo-reports-38-drop-in-q2-sales

Volvo Group cutting 4,100 white-collar positions in second half

Volvo Trucks array

Sweden’s Volvo Group (OTC: VLVLY) is cutting 4,100 white-collar jobs globally in the second half of the year, responding to ongoing impacts of the COVID-19 pandemic. 

“The Corona epidemic and the global measures taken to fight it has led to a market situation impacting our industry severely. The effects are expected to be lower demand going forward and we need to continue to adjust our organization accordingly,” Martin Lundstedt, president and CEO of the Volvo Group, said on Tuesday, June 16.

Volv...

https://www.freightwaves.com/news/volvo-group-cutting-4100-white-collar-positions-in-second-half

BREAKING NEWS: Volvo Group cutting 4,100 white-collar jobs

Volvo VNL on highway

Sweden’s Volvo Group is cutting 4,100 white-collar jobs globally in the second half in response to ongoing impacts of the COVID-19 pandemic. About 15% of the cuts will be contractors.

“The Corona epidemic and the global measures taken to fight it has led to a market situation impacting our industry severely. The effects are expected to be lower demand going forward and we need to continue to adjust our organization accordingly,” Martin Lundstedt, President and CEO of the Volvo Group, said...

https://www.freightwaves.com/news/breaking-news-volvo-group-cutting-4100-white-collar-jobs

Musk – time for Tesla Semi to get on the road

Tesla Semi

The oft-delayed Tesla (NASDAQ: TSLA) battery-powered semi-truck is in the news again following a leaked internal memo from CEO Elon Musk saying the company needs to go “all out” to get the truck on the road.

The memo, first reported Wednesday by Reuters, doesn’t give a production date. The current expectation is 2021 after launch delays in 2019 and this year. Limited production is expected this year, Musk said on Tesla’s first-quarter earnings call.

“It’s time to go all out and bring the Tesla...

https://s29755.pcdn.co/news/musk-time-for-tesla-semi-to-get-on-the-road

Daimler Trucks sets up fuel cell subsidiary

Daimler Truck fuel cell leaders

Daimler Truck AG is assembling its fuel cell expertise in a new subsidiary as a forerunner to a 50-50 joint venture with rival Volvo AB that will make fuel cell-powered backup systems for data centers and eventually hydrogen-fueled heavy-duty trucks.

“We will now bring together the great expertise and enormous wealth of experience from several decades of development work on fuel cells at Daimler – and combine it with the right know-how in connection with trucks,” Daimler Truck AG Chairman Martin...

https://s29755.pcdn.co/news/daimler-trucks-sets-up-fuel-cell-subsidiary

+ More