Volvo News

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Sweden's Volvo Car Group, owned by China's Geely, reported an 18% rise in fourth-quarter operating profit as cost cuts and growing sales more than offset the impact of subdued global auto markets. The Gothenburg-based carmaker, which Geely acquired from Ford Motor Co in 2010, reported operating earnings of 5.29 billion Swedish crowns as revenues rose 8.4% to 79.2 billion. Sales of Volvos rose nearly 10% in 2019 - with growth of 23.4% in the fourth quarter alone - as increases in China an

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Luxury German carmaker Daimler and Volvo Cars, owned by China's Geely, are considering cooperating to cut the costs of developing combustion engines, a magazine reported on Sunday, citing unnamed company sources. The Automobilwoche weekly cited a Volvo manager as saying there were initial talks with Daimler, but no concrete plans, while a company spokesman said it was too early to talk about firm projects, although it was not excluding anybody. A Daimler spokesman said the company's

TOKYO/STOCKHOLM (Reuters) - Sweden's Volvo AB will sell its Japan-based UD Trucks business to Isuzu Motors in a deal worth around $2.3 billion, exiting a low-margin business and boosting its cash pile as competition for high-tech trucking heats up. The deal, announced by the companies on Wednesday, is part of a broader alliance that will see them share advanced technology for electric and self-driving trucks and use their combined heft to cut development costs. Volvo shares