Tag Archives: operating

Wearables

Apple Watch Series 9 Vs Fitbit & Google’s Pixel Watch 2: Which Is Best For You?

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First and foremost, the smartwatch you purchase strongly is determined by what cellular working system you employ. The Apple Watch Series 9 works with iPhones solely (working on iOS 17 or later). Meanwhile, not like many Fitbit fashions which assist each iOS and Android, Google and Fitbit’s Pixel Watch 2 solely helps Android units (working on Android 9.0 or increased), so you possibly can overlook about it should you’re a lifelong iPhone person.

The software program and working system working the watches additionally make them remarkably totally different. The Series 9 Watch runs on Apple’s newest WatchOS 10, identified for its Smart Stack of widgets and visible enhancements to its earlier model. WatchOS 10 additionally options Family Setup, providing parental controls for youngsters, even when they do not personal an iPhone. Google’s equal working system, Wear OS 4.0, is all about strengthening the Google ecosystem, providing all of the cellular necessities like Calendar and Gmail in addition to the improved Google Assistant. If your work life revolves round your Google Account, the Pixel Watch 2 is a must-buy.

Overall, there’s lots on provide when selecting between a smartwatch from the 2 tech giants. If you are on the lookout for detailed well being information and insights, the Pixel Watch 2’s seamless integration with Fitbit is prone to surpass your wants. If you are searching for extra space for storing, a bigger show, and parental controls, the Apple Watch Series 9 is the path to go.

Technology

What Is The Oldest Fighter Jet Still In Service?

Despite nonetheless working in a number of international locations, the MiG-21 is reaching the top of its service life. Aside from its growing older airframe, enhancements in radar monitoring, avionics, missile, and air protection applied sciences, in addition to developments in communication and knowledge, imply that this plane will quickly be (or already is) outclassed by newer jets.

India, the present largest operator, is within the strategy of retiring its MiG-21 fleet in favor of its homegrown HAL Tejas fighter. As India winds down its upkeep and restore necessities, different operators may quickly have bother protecting MiG-21s within the air, particularly if they can not discover suppliers to maintain the jets serviceable.

The MiG-21 has a colourful historical past, and it will likely be remembered as a favourite plane or a formidable opponent. Nevertheless, time and know-how proceed to march ahead, and its age will necessitate retirement.

Nevertheless, due to its ubiquity, you’ll be able to nonetheless discover the MiG-21 as a gate guard or as a monument. Some fans and collectors can even hold them of their personal fleets.

VolvoCars

Volvo Cars 2023 revenue will increase by 43 per cent to ship a document 12 months within the firm’s 97-year historical past

Full 12 months 2023 

  • 2023 income was SEK 399.3 bn (SEK 330.1 bn in 2022)
  • 2023 working revenue (excl. JVs and associates) was SEK 25.6 bn (SEK 17.9 bn in 2022)
  • 2023 working revenue was SEK 19.9 bn (SEK 22.3 bn in 2022)
  • 2023 EBIT margin (excl. JVs and associates) was 6.4 per cent (5.4 per cent in 2022)
  • 2023 EBIT margin was 5.0 per cent (6.8 per cent in 2022)
  • 2023 primary earnings per share was SEK 4.38 (SEK 5.23 in 2022)
  • 2023 absolutely electrical automobile gross sales share at 16 per cent (11 per cent in 2022)

Quarter 4, 2023

  • This fall income was 109.4 bn SEK (105.2 bn SEK in This fall 2022)
  • This fall working revenue (excl. JVs and associates) was SEK 6.7 bn (SEK 3.9 bn in 2022)
  • This fall working revenue was 5.4 bn SEK (3.4 bn SEK in This fall 2022)
  • This fall EBIT margin (excl. JVs and associates) was 6.1 per cent (3.7 per cent in This fall 2022)
  • This fall EBIT margin was 4.9 per cent (3.3 per cent in This fall 2022)
  • This fall primary earnings per share was 1.04 SEK (0.82 SEK in This fall 2022)
  • This fall absolutely electrical automobile gross sales share at 16 per cent (18 per cent in This fall 2022)

Events after the interval

  • Polestar is coming into an thrilling section with a strengthened marketing strategy and positioned for future progress.
  • Volvo Cars’ focus is on growing and concentrating its sources by itself formidable journey.
  • Volvo Cars is evaluating a possible adjustment to its shareholding in Polestar, which can end in Geely Sweden Holdings changing into a big new shareholder.
  • Geely will proceed to offer full operational and monetary assist to Polestar going ahead.
  • As a outcome, Volvo Cars will not present additional funding to Polestar. Volvo Cars will, nevertheless, lengthen the reimbursement interval for the present convertible mortgage by 18 months to the tip of 2028.
  • Volvo Cars’ and Polestar’s robust operational collaboration throughout R&D, manufacturing, aftersales and business continues to the good thing about each corporations.

 

Volvo Cars had a record-breaking 12 months in 2023 and right now studies the very best full-year retail gross sales, revenues and working revenue in its 97-year historical past.

A brand new all-time gross sales document of 708,716 automobiles enabled revenues to rise by 21 per cent to SEK 399.3 billion for the total 12 months 2023. The underlying working revenue of SEK 25.6 billion, excluding joint ventures and associates, represents a rise of 43 per cent in contrast with 2022. The working margin excluding JVs and associates got here in at 6.4 per cent, up from 5.4 per cent in 2022.

“2023 was a key milestone in our transformation journey,” mentioned Jim Rowan, Chief Executive of Volvo Cars. “We delivered a record-breaking year on many levels, reporting the highest retail sales, revenues and profits in our company’s 97-year history. We also took several significant steps forward in our ongoing transformation, while navigating a complex external environment. In doing so, we’ve built a solid foundation for 2024 and the years ahead.”

The full CEO letter by Jim Rowan, with extra particulars on the previous 12 months and the years forward, is included within the interim report for the interval and will be found here.

The 2023 outcomes exhibit Volvo Cars’ capacity to keep up premium pricing all year long, in addition to strong demand for its automobiles and a sturdy orderbook, regardless of ongoing market turbulence.

The efficiency additionally demonstrates the power of the corporate’s electrified product portfolio, which accommodates each electrical automobiles in addition to an in depth vary of plug-in and mild-hybrid fashions. These hybrid fashions represented a big majority of the corporate’s complete international gross sales in 2023 and can stay a key factor of its portfolio for the approaching years.

The firm bought 113,419 absolutely electrical automobiles in 2023, a rise of 70 per cent versus 2022 and representing 16 per cent of its complete international gross sales quantity, which was one of many highest amongst all legacy premium carmakers. Compared with 2022, Volvo Cars elevated its international electrical market share by 34 per cent.

Its electrical gross sales share remains to be primarily based on solely two absolutely electrical fashions and doesn’t but mirror the total potential of the brand new EX30 small SUV, EX90 massive SUV or EM90 MPV, all of which is able to hit the roads in earnest throughout 2024. 

During the second half of 2023, Volvo Cars additionally noticed gross revenue margins on its electrical automobiles enhance fourfold versus the tip of 2022 to 13 per cent. High lithium costs closely affected its margins in 2022, however the firm noticed a transparent uptick within the underlying profitability of those automobiles from the second half of 2023 as decrease lithium costs and the consequences of elevated pricing materialised. The firm additionally benefited from efficiencies from its personal investments.

While there’s nonetheless a niche in gross margins on the EVs in comparison with a few of its combustion engine (ICE) automobiles, this hole is closing. The EX30 is about to ship gross margins of 15-20 per cent and takes the corporate nearer to that objective. Volvo Cars additionally expects the upcoming EX90 and EM90 to contribute to closing the hole between EV and ICE margins.

Looking forward to 2024
2024 is about to be one other large 12 months for Volvo Cars because it continues to spice up its product portfolio and speed up its transformation in direction of changing into a totally electrical automobile maker by 2030.

At the tip of the fourth quarter of 2023, the primary prospects took supply of the brand new EX30 small SUV. This 12 months, Volvo Cars is targeted on rapidly ramping up manufacturing of this automobile and assembly the robust buyer demand, which has exceeded expectations. The firm can also be working laborious so as to add EX30 manufacturing to its Ghent plant in Belgium.

In the primary half of 2024, the corporate will begin manufacturing of its new EX90 flagship SUV, with buyer deliveries beginning quickly after. The EX90 represents a significant know-how leap with the introduction of Volvo Cars’ next-generation absolutely electrical platform upon which the automobile is constructed. 

As one of many first automobiles filled with core computing know-how, the software-defined EX90 represents a big paradigm shift for Volvo Cars. It is a automobile that brings next-generation security, connectivity, knowledge and software program all collectively in a single product, and reaffirms the corporate’s place as an business chief within the ongoing know-how transition.

The absolutely electrical EM90 MPV, which Volvo Cars revealed in China in November, has additionally began manufacturing. Like the EX90, the EM90 is a vital automobile for China and exhibits how critical the corporate is about succeeding in that market and taking market share. 

Together, these three new absolutely electrical automobiles will considerably increase Volvo Cars’ product providing across the globe and profitably take it into new demographics and market segments that it has not been energetic in earlier than.

On prime of that, Volvo Cars will refresh its plug-in hybrid automobiles, that are an vital bridge in direction of full electrification. Together with its absolutely electrical automobiles, this creates a broad and enticing Volvo Cars portfolio for right now’s international market. 

Volvo Cars expects it will enhance progress from 2024 and can considerably enhance its share of absolutely electrical automobiles versus 2023. In addition, the brand new electrical fashions will assist it to additional shut the margin hole between electrical automobiles and inside combustion engine automobiles in 2024. In phrases of complete 2024 retail gross sales, the corporate goals for a better year-over-year progress fee than in 2023.

“It is my firm belief that the hard work we have put in during 2022 and 2023 positions us to meet our objectives for the years ahead,” mentioned Jim Rowan. “Our strategy is well defined and unambiguous, and is the right one for Volvo Cars, our customers and the environment. Our results, order book and key performance metrics prove as much, and our customers clearly like what they see.”

A decisive transformation section 
Volvo Cars is now coming into a decisive section in its transformation journey. Not solely will it proceed to roll out and ramp up manufacturing of the EX30, EX90 and EM90 in 2024, however the firm can also be considerably ramping up different investments that may assist it change into a pacesetter in next-generation mobility. 

In the interval up till 2025, Volvo Cars will make the required structural and strategic investments that lay the technical basis for its future success: electrification, software program, core computing architectures, superior connectivity, knowledge seize and analytics, mega casting, next-generation e-motor and battery know-how, good cabin know-how, and a brand new superior manufacturing facility.

This will imply a short lived rise in funding ranges, but these strategically essential investments will drive vital value efficiencies in Volvo Cars’ subsequent era of absolutely electrical automobiles. They lay the muse for additional worthwhile progress and elevated EV margins.

The firm has a robust steadiness sheet supporting the transformative investments, with a liquidity place of SEK 75 bn as of year-end 2023, and throughout the funding section in 2024-25 it expects the free money stream era to be comparatively impartial.

From 2026 and onwards, Volvo Cars not solely expects the extent of investments to say no however to reap the advantages of this technique with greater progress and profitability. It will even at this level generate a robust optimistic free money stream. 

As the corporate accelerates its transformation, it is going to put much more emphasis on driving worthwhile progress over time and prioritising worth over quantity. It will double down on inside effectivity, guarantee sturdy capital allocation throughout our enterprise and capitalise on its section one investments.

Polestar replace
Polestar is coming into the subsequent thrilling section of its journey with a strengthened marketing strategy and value actions, added expertise to its government administration crew and board of administrators, in addition to the upcoming rollout of Polestar 3 and Polestar 4. This mixture positions Polestar effectively for future progress.  

As we transfer into the subsequent section of our transformation, together with deploying large-scale investments within the creation and adoption of latest applied sciences and future-fit manufacturing services, our focus is on growing Volvo Cars and concentrating our sources on our personal formidable journey.  

We are subsequently evaluating a possible adjustment to Volvo Cars’ shareholding in Polestar, together with a distribution of shares to Volvo Cars shareholders. This could end in Geely Sweden Holdings changing into a big new shareholder.  

Geely will proceed to offer full operational and monetary assist to Polestar going ahead, and, in consequence, Volvo Cars will not present additional funding to Polestar. We will, nevertheless, lengthen the reimbursement interval for the present convertible mortgage by 18 months to the tip of 2028. This will probably be topic to related approvals and additional info will probably be supplied in the end. 

Volvo Cars’ and Polestar’s robust operational collaboration throughout R&D, manufacturing, aftersales and business will proceed to the profit of each corporations.

Clarified ambitions
In gentle of those plans, Volvo Cars has determined to make clear its ambitions that have been set out at its IPO. The firm stands agency on its technique round electrification and technological management, one of the formidable within the business. Yet by clarifying its ambitions with sharpened metrics, it improves transparency and permits for a greater follow-up on its progress. 

The firm stays agency on its ambition to report an EBIT margin above 8 per cent for 2026, and now achieve this primarily based on anticipated revenues between SEK 550-600 billion. This clarified ambition additional underlines that Volvo Cars seeks to develop when it comes to revenues and worth somewhat than on quantity alone, thereby focusing much more on worthwhile progress. 

Note to editors

  • Chief Executive, Jim Rowan, Chief Financial Officer, Johan Ekdahl, and Chief Commercial Officer and Deputy CEO, Björn Annwall, will host a livestream on Volvo Cars’ 2023 outcomes for media, buyers and analysts at 08:00 CET right now. The displays will probably be held in English and adopted by a Q&A session.

Link for livestream: https://live.volvocars.com

China-only hyperlink for livestream: https://live.volvocars.com.cn

It will probably be potential to ask questions throughout the Q&A session following the principle presentation. To take part, you’ll be able to both use the chat operate on-line to sort your query or you’ll be able to name in. To name in, members have to register through the hyperlink under and can then obtain the dial-in particulars and particular person PIN.

Link to register

Link to Geely press release

Link to Polestar press release

This disclosure accommodates info that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The info was submitted for publication, via the company of the contact particular person, on 01-02-2024 07:00 CET.

 

Motorsport

The Next-Gen Mercedes-Benz Operating System Has An AI Virtual Assistant

Mercedes-Benz is on the brink of introduce its latest working system, succinctly referred to as MB.OS, after years of improvement. Designed in-house, MB.OS made its public debut at CES 2024 with a singular AI digital assistant, quite a lot of audio and gaming associate apps, and a three-dimensional gaming engine for extra advanced graphics.

Artificially Flavored

The MB.OS software program, which is distinct from the MBUX infotainment system, is faster and extra environment friendly than present Mercedes techniques, serving to enhance responsiveness and processing energy. One of the obvious upgrades from outdated to new is the MBUX Virtual Assistant, which makes use of generative AI and a proprietary massive language mannequin to supply extra pure speech suggestions and conversations, detailed solutions primarily based on routines, and moods that can echo the driving force’s.

MB.OS Interface

As on at this time’s MBUX voice assistant – higher often called Hey Mercedes – the Virtual Assistant can reply to pure language prompts like “I’m hungry,” for instance. However, the place Hey Mercedes would merely advocate a couple of close by eating places and name it a day, the MBUX Virtual Assistant will summarize the menu and evaluations to assist the driving force resolve on a vacation spot. The AI system may also counsel features and routes primarily based on the driving force’s routine, together with reserving parking prematurely or rescheduling calendar occasions if you happen to’re working late.

Virtual Assistant even tailors its performance to the driving force’s mind-set. If it senses frustration, its prompts and responses might be shorter and extra direct. If you’re in a superb temper, Virtual Assistant’s voice might be cheerier and extra conversational. It may even painting feelings through its “face,” which is definitely a star discipline on the middle show. The discipline will change colours and icons will seem to convey “like,” “celebrate,” “laugh,” and “confirm.”

MB.OS 3D Navigation

Where Am I?

3D navigation will present up on automobiles geared up with MB.OS, making use of the gaming engine for sharp graphics and detailed driving instructions. The navigation show will incorporate driver help info, together with surrounding automobiles and street indicators, to construct belief between the protection techniques and the individual behind the wheel. The detailed show may also advocate particular lanes and show augmented-reality directions in actual time.

The new 3D navigation additionally reveals environment, together with buildings, time of day, and climate situations. Mercedes says this can assist drivers make higher selections and see the place they’re headed, decreasing confusion in tight city confines.

MB.OS Multimedia

Boombox Bookworm

A brand new model of MBUX will present up on automobiles geared up with MB.OS, and the infotainment system will now embody built-in Audible and Amazon Music. When taking part in books, radio dramas, and music which can be Dolby Atmos–succesful, the audio system will synchronize the audio system, ambient lighting, and in-seat exciters for a extra immersive expertise.

The new MBUX may also characteristic a partnership with Sony Pictures Entertainment for streaming video and Antstream for arcade-style video video games. The former will embody main titles like Gran Turismo and Spider Man: Into The Spider-Verse, whereas the latter has quite a lot of retro arcade video games, together with a working sport developed with Mercedes itself. Predictably, these features will solely work when the automotive is parked or making use of Level 3 driver help.


Desktops

What Is Weight-reduction planPi, And Should You Install It On Your Raspberry Pi?

As beforehand talked about, Weight-reduction planPi is a simplified model of the Linux-based working system, Debian, which is already used on many Raspberry Pis. According to the official DietPi website, the OS has been modified in numerous methods. To begin, its applications use Whiptail menus, that are light-weight and simple to work with for many who do not wish to spend an abundance of time getting into instructions into their console. The website states that the OS additionally permits for simple set up of common software program, has easy configuration settings, has a built-in backup system, permits customers to customise logging selections, has a management system for assigning precedence ranges for put in software program, has a built-in replace system, and has a built-in automation system for set up. That’s a very good chunk of options. So, simply because the system is paired down would not essentially imply it is naked bones.

While the title clearly signifies that it is primarily supposed for Raspberry Pi customers, Weight-reduction planPi is definitely appropriate with a wide selection of single-board computer systems. Its compatibility desk lists that the system runs on a number of Odroid, PINE, ROCK, Quartz, Radxa, Orange Pi, Sparky, ASUS, NanoPC, and NanoPi boards, in addition to a handful of laptops, desktops, and bigger PC boards.

Energy

How New York’s New MLS Stadium Plans To Go Fully Electric

The United Nations Environment Programme reports, “Building and managing a sport facility and operating an event uses energy and can contribute to air pollution, greenhouse gas emissions, and waste generation, as well as to ozone-layer depletion, habitat and biodiversity loss, soil erosion and water pollution.”

In 2016, FIFA confirmed its pledge to the UN Framework Convention on Climate Change (UN FCCC) during COP26 to produce net zero emissions by 2040. In line with this, FIFA promoted the Qatar World Cup as the first climate-neutral tournament in 2022. However, a year later, Reuters cited reports from the Swiss Fairness Commission, which claimed FIFA’s carbon neutrality claims during the 2022 World Cup were misleading. Carbon Market Watch estimated that the total carbon footprint of permanent stadiums constructed in Qatar could have amounted to 1.6 MtCO2e, eight times more than initially reported.

Among professional sports arenas, per Forbes, the Climate Pledge Arena became the first arena in the world to earn net zero carbon certification in 2023. Certified by the International Living Future Institute (ILFI), the home of the Seattle Krakens required a massive overhaul in its design to achieve this, such as ripping out natural gas piping and reinventing its cooling and heating processes.

By proving that fully electric stadiums are possible, NYCFC could potentially provide a framework for how to successfully build communities around sustainable sports arenas from scratch.

Reviews

Lenovo Legion Go Review: The Swiss Army Knife Of Handheld Gaming PCs

The Lenovo Legion Go has a full-fledged Windows desktop operating system, making it convenient to install any desired programs. This sets it apart from the Valve Steam Deck with SteamOS, which can be frustrating when venturing beyond Steam’s ecosystem. With the Legion Go, you also get three free months of Xbox Game Pass Ultimate, creating a hassle-free gaming experience without any extra effort. The device accommodates multiple game storefronts, including Steam, Epic Game Store, Humble Bundle, GoG Galaxy, Uplay, and EA apps.

However, using Windows 11 on a touchscreen device like the Legion Go can be challenging and awkward. While Lenovo has a custom launcher called “Legion Space” to enhance the Windows 11 experience, it feels rushed and underdeveloped. Although there are dedicated buttons on the controllers for Legion Space and the settings sidebar, they are not frequently used. In comparison, the Steam Deck’s SteamOS offers a smooth, console-quality experience with optimized “Deck-verified” games. There is hope for Lenovo to improve Legion Space and provide a similar experience to SteamOS while maintaining accessibility to all game storefronts.

Motorsport

Yet Another Electric Ford Crossover Spied, Looks Ready For Production

Ford’s electric vehicle division faced a $1.3 billion operating loss in the third quarter, translating to a loss of around $36,000 for every electric vehicle sold during that period. A significant portion of this loss is due to ongoing investments in next-generation EVs. Recent evidence confirms that the Blue Oval manufacturer is actively developing new electric products. The gallery below showcases a new electric crossover from Ford, set to debut next year.

A few days ago, our spies provided photos of an upcoming zero-emissions SUV from Ford, based on Volkswagen’s MEB platform. The newly captured prototype hints at a smaller electric crossover, which will join the Puma family. Previously, the Puma served as Ford’s entry-level product in the European market after the discontinuation of the Fiesta hatchback. The new electric crossover is expected to follow suit.


Volkswagen

Brand Group Core improves operating profit, unit sales and sales revenue – increased product costs and interruptions to production impact profitability

  • Operating profit increased by 34.0 percent from January to September 2023 compared to the same period last year
  • The operating return on sales was slightly higher at 4.9 percent
  • Overall development was affected by interruptions in production and high product costs
  • Thomas Schäfer, a member of the Volkswagen Group Board of Management, emphasized the need for decisive action to improve profitability

In the first nine months of 2023, the Volkswagen Group’s Brand Group Core focused on cross-brand cooperation to improve efficiency and increase cost savings. However, performance was impacted by interruptions in production and high product costs.

Thomas Schäfer, Volkswagen Group Board of Management Member responsible for the Brand Group Core: Overall, the results of the Brand Group Core show that there is room for improvement both in the individual brands and as a whole. We cannot be satisfied with our current profitability, and we need to take decisive action. The challenging environment and technological transformation require even closer cooperation between our brands. By leveraging synergies and bundling our expertise, we can make the necessary investments for the future.

In the first nine months of 2023, the Brand Group Core saw a 34.0 percent increase in operating profit before special items compared to the same period last year. The operating return on sales was 4.9 percent, a slight improvement. Sales revenue also grew by 24.0 percent.

Despite the challenges, the Brand Group Core reported a 21.0 percent increase in unit sales and a 9.4 percent increase in deliveries to customers. However, the market trend for battery-electric vehicles fell short of expectations.

Patrik Andreas Mayer, CFO of the Volkswagen brand and responsible for Finance at the Brand Group Core, highlighted the effectiveness of the new steering model and the progress being made in improving performance. The long-term target for the Brand Group Core’s operating return on sales remains ambitious at 8 percent.

Key figures for the Brand Group Core:

Key financials

Jan – Sep 2023

Jan – Sep 2022

Change 23/22

Unit sales

3,574,700 vehicles

2,957,400 vehicles

+21%

Sales revenue

101.060 billion euros

81.356 billion euros

+24%

Operating profit before special items

4.985 billion euros

3.720 billion euros

+34%

Operating return on sales before special items

4.9%

4.6%

+0.3%-points

Net cash flow

3.573 billion euros

1.855 billion euros

+92.7%

The performance of the Brand Group Core is also attributed to the success of the individual brands. The Volkswagen brand, despite facing interruptions in production and higher product costs, reported an increase in unit sales and sales revenue. ŠKODA, SEAT/CUPRA, and Volkswagen Commercial Vehicles also recorded positive results in unit sales, operating profit, and sales revenue.

Media contact

VolvoCars

Volvo Cars Q3 results: momentum continues while performing and transforming

  • Q3 revenue was SEK 92 bn (SEK 79 bn in Q3 2022)

  • Q3 operating income (excluding JVs and associates) was SEK 6.1 bn (SEK 3.5 bn in Q3 2022)

  • Q3 operating income was SEK 4.5 bn (SEK 2.1 bn in Q3 2022)

  • Q3 EBIT margin (excluding JVs and associates) was 6.7 per cent (4.4 per cent in Q3 2022)

  • Q3 EBIT margin was 4.8 per cent (2.6 per cent in Q3 2022)

  • Q3 basic earnings per share was SEK 1.01 (SEK 0.11 in Q3 2022)

  • Q3 fully electric car sales share at 13 per cent (7 per cent in Q3 2022)

Volvo Cars today reports an almost 75 per cent increase in operating profits, excluding joint ventures and associates, to SEK 6.1 bn for the third quarter of 2023. The EBIT (operating) margin excluding joint ventures and associates came in at 6.7 per cent, compared with a margin of 4.4 per cent in the same period last year. The company saw strong sales and revenue growth during the quarter, which in combination with lower costs for raw materials and logistics resulted in a solid underlying operating profit.

“Our operating performance is gathering momentum, while we continue to make steady progress on our transformation objectives,” said Jim Rowan, President and Chief Executive of Volvo Cars. “As such, the quarter developed as we planned and communicated, putting us in a good position to close out the year with solid double-digit growth in retail volumes and a considerably higher share of fully electric cars for the full year. At the same time, uncertainties remain on the horizon, and we continue to be watchful.”

The full CEO report, with more detailed highlights of the quarter, is included in the interim report for the period and can be found here.

Retail sales continued to improve during the quarter, with solid double-digit growth in all three months and sales growth of 22 per cent for the period compared with the third quarter of 2022. That means Volvo Cars has now reported 13 consecutive months of retail sales growth, illustrating solid demand for its cars despite pricing pressures in many parts of the world.

The company’s pure electric sales share of 13 per cent for the quarter was almost double what it was in the same period in 2022, increasing by 111 per cent year on year. This underlines how Volvo Cars is well on its way to become one of the fastest transformers in the industry. The launch of the competitively priced, fully electric EX30 SUV will serve to strengthen its position and help the company in its ambition to become a fully electric car company by 2030.

Customer response to models such as the EX30 has been strong, and the small SUV generated higher than expected pre-orders. EX30 production started in the third quarter and the first cars are expected to be delivered during Q4, with production and deliveries ramping up in earnest in 2024.

When Volvo Cars revealed the EX30 in June, it indicated it was exploring additional manufacturing locations globally, and earlier today the company announced its plan to expand production of the EX30 and to also build it at the Ghent plant in Belgium from 2025. This decision reflects the strong demand for the EX30, supports Volvo Cars’ strategy of building where it sells, and boosts production capacity for the car in Europe as well as for global export.

Q3 operating and financial performance
The solid operational performance and good momentum was reflected in the company’s key operational indicators. Production volumes in the third quarter were up by 16 per cent versus the same period a year ago, as availability and visibility continued to improve in the supply chain.

Commercially, Volvo Cars’ order book remained stable and the company managed to maintain premium pricing. Its strong brand position, based on safety, quality and Scandinavian design, has proven to be a real asset in maintaining its premium pricing position. As a result, the company booked a revenue for the quarter of SEK 92 billion, up 16 per cent compared with the same period last year.

At the same time, the gross margin continued to improve and came in at 19.6 per cent, helped by improving margins on electric cars, which came in at 9 per cent and was significantly up compared with the last quarter. This underscores that lower lithium prices are starting to have an effect, as well as the company is realizing the effects of increased pricing on model-year 2024 fully electric cars – as indicated during the previous quarter. Once the EX30 starts to be shipped to customers, it will further boost Volvo Cars’ profitable growth in fully electric cars, which the company believes will position it well versus many of its competitors.

In addition to lower raw material prices, costs for freight and other logistics have also eased. Spot buy costs for key components such as semiconductors were also reduced, while Volvo Cars’ internal cost efficiency and optimization initiatives are starting to bear fruit.

With regards to its climate action plan, Volvo Cars continued to make progress in its efforts to reduce its CO2 footprint per car. During the first nine months of the year, overall CO2 emissions per car were 19 per cent lower compared with our 2018 benchmark, supporting our mid-decade ambition of a 40 per cent CO2 reduction per car.

Looking ahead
The performance for the third quarter puts Volvo Cars in a position to close out the year in line with earlier communications: solid double-digit growth in retail volumes for the full year and an increased share of fully electric cars versus 2022.

This positions the company well for a fast start in 2024, when it will bring three new fully electric models on the roads. Deliveries of the EX30 to customers are starting soon, and on 12 November it will reveal the Volvo EM90, the company’s first ever premium multi-purpose vehicle (MPV). That means that in less than six months, Volvo Cars will have unveiled two brand-new cars into two new segments, on top of the EX90 revealed late last year.

The company’s current trajectory shows that the building blocks for its transformation in recent years are starting to deliver at pace. Rather than simply delivering on its transformation passively, Volvo Cars chooses to actively engage with wider changes in the key technology shifts for the future and be one of the fastest industry transformers.

“We remain vigilant in light of the macroeconomic and geopolitical uncertainties and remain laser-focused on execution,” said Jim Rowan. “We will continue to emphasize cost-consciousness throughout our organization and constantly work to make our business more efficient and more sustainable.”

This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26-10-2023 07:00 CET.