Year: 2021

Volvo Cars sees chip shortage extending into 2022, Q3 profit dips By Reuters


© Reuters. FILE PHOTO: People look at a Volvo XC40 car during the Beijing International Automotive Exhibition, or Auto China show, in Beijing, China September 26, 2020. REUTERS/Thomas Peter/File Photo

By Helena Soderpalm

STOCKHOLM (Reuters) – Volvo Cars warned on Tuesday that the sector-wide semiconductor shortage would continue into next year, as its first quarterly report since listing on the stock market a month ago confirmed a dip in revenue and profit.

The Gothenburg-based carmaker said supply chains were still constrained but while production remained lower than demand, it had “improved month by month” since September.

“The supply situation has improved going into the fourth quarter, but we expect the industry-wide shortage of semi-conductors to remain a restraining factor,” Chief Executive Hakan Samuelsson said in a statement.

Volvo’s initial public offering (IPO) on Oct. 29 was the biggest in Europe so far this year, a sign of strength for the

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RIVN Stock: Rivian’s the Latest ‘If You Build the EV, Will They Come?’ Story

Rivian Automotive (NASDAQ:RIVN) stock has already had a wild ride, as it starts mass production of an electric pick-up truck.

The back of a silver Rivian (RIVN) pick-up truck.

Source: Miro Vrlik Photography / Shutterstock.com

Shares opened at $78 on Nov. 10. This brought Rivian $12 billion in cash, Their value then took off in the first week of trading, peaking at $178 each on Nov. 16.

The shares fell back to earth when the company announced it was no longer working with Ford Motor (NYSE:F), which still owns 12% of the stock. Rivian stock closed last week at about $112, a fall of more than 30%. But Rivian still has a market capitalization nearing $100 billion.

The loser was Ford, a century-old auto giant. It’s now worth just $78.9 billion as it ramps up its own electric vehicle efforts. The fall in Rivian’s price also cut $3.6 billion off the value of Ford’s Rivian

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Nissan to invest $17.6 billion to ramp up electric vehicle offering

An electric concept car from Nissan is displayed at the company’s showroom in Yokohama, Japan, on November 29, 2021.

KAZUHIRO NOGI | AFP | Getty Images

Japanese automotive giant Nissan is to invest 2 trillion yen (around $17.6 billion) over the next five years to speed up the electrification of its product line.

Nissan said on Monday it would aim to roll out 23 new electrified models by 2030, 15 of which will be fully electric.

It is targeting a 50% electrification mix for its Nissan and Infiniti brands by the end of the decade.

On the battery front, the firm is planning to introduce all-solid-state batteries, or ASSB, to the market by 2028. A pilot ASSB facility in the Japanese city of Yokohama will be readied “as early as fiscal year 2024”, Nissan said.

In a speech outlining the plans, Nissan CEO Makoto Uchida said his company was focusing

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Porsche Studio stores are coming to the U.S.

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Porsche plans to open a series of showrooms in the U.S. that the company is calling “Studios”. These stores will be owned by Porsche, not dealers, and as such will allow customers to dip a toe into the Porsche experience in a low- or no-pressure environment.

Porsche Cars North America CEO Kjell Gruner likened the concept to an Apple Store while talking with Automotive News. Instead of sales staff, customers will interact with Porsche Pros who are knowledgeable about the cars but don’t try to give you the hard sell.

Based on photos from Porsche Studios in other countries, it looks to be something more than a Tesla store but less than full-blown Porsche Experience Centers, which have their own tracks and restaurants. Customers will be able to check out the product, learn about Porsche heritage, and cop some branded merch. Of course,

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