Volvo Cars expects to build up to 40,000 cars of its new flagship electric model this year, with demand exceeding initial expectations, its CEO told Reuters as the auto maker kicked off production in Sweden on Wednesday.
Orders are only open in European markets and the company said it has already had more than 3,000 orders in Sweden alone.
Sweden-based Volvo Cars said on Wednesday it sold 156,965 cars in the three months through February, down 10% from the same period a year earlier, but sales of fully electric cars increased 18%.
Volvo is recalling over 40,000 EX30 electric SUVs worldwide due to a battery fire risk. Owners are urged to limit charging to 70% until safety repairs are completed.
Volvo Cars will recall over 40,000 of its flagship electric EX30 SUVs because their battery packs risk overheating, it told Reuters on Monday, a move that could dent the automaker's hard-earned reputation for safety and cost it millions of dollars.
Volvo Car AB (publ.) (VLVCY) Q4 2025 Earnings Call Transcript
The company said it would seek a further $556 million in cost savings and that it expects the overall premium market to shrink in 2026.
The Sweden-based automaker on Thursday reported a sharp drop in fourth-quarter profit, citing tariffs and weak demand. Shares of the company were last seen trading down 19.5%, putting it on track for its worst- ever trading day.
Sweden-based Volvo Cars reported a fall in fourth-quarter operating profit excluding items affecting comparability on Thursday, citing trade tariffs, weak demand, price pressure and the removal of electric vehicle incentives in the United States.
Global sales fell 7.2% on year as the Swedish automaker now reports sales figures on a rolling three‑month basis.
Volvo Cars said on Wednesday that its new electric mid-sized SUV, the EX60, will have a similar price tag to the plug-in hybrid version of the same model, as the Swedish automaker dismissed concerns that any Greenland-linked U.S. tariffs could disrupt its plans.
Swedish automaker Volvo Cars is recalling 413,151 vehicles in the United States over an issue with the rearview camera, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Thursday.