November 10, 2022 – Engibex observes latest world news in energy, automotive, hi-tech, R&D and more. Discover, debate, join the discussion.
In the news
- EV demand
Sweden-based Volvo Car AB stated that its sales grew 7% year-on-year in October to 54,317 cars and highlighted a demand for its recharge range of pure electric and plug-in hybrid cars. Company also stated fully electric vehicles accounted for 15% of sales. Recharge models including those not fully electric accounted for 37%. [Reuters]
- Disrupted supply chains
The Covid-19 pandemic and Russia’s war in Ukraine have disrupted global supply chains, and the car industry has been heavily impacted. In the near future, EV delivery delays to customers may dampen sales growth in some markets. But in the longer term, government and corporate efforts to electrify transport are providing a solid basis for further growth in EV sales. The IEA Announced Pledges Scenario (APS), which is based on existing climate-focused policy pledges and announcements, presumes that EVs represent more than 30% of vehicles sold globally in 2030 across all modes (excluding two- and three-wheelers). [IEA]
In focus of Engibex
- Volvo’s competitive strategy
Volvo has a history of loss-making and moving from different parent companies. Currently, with Geely as their parent company, they are back to profit-making. However, comparing sales with last year, when the world had a covid effect, is debatable. Nevertheless, Volvo’s current products are facing tough competition with German and Japanese automakers, and Volvo’s cost is relatively high. Thus, company promptly escalate its effort towards electric and plug-in hybrid cars, vegan leather, and recycled plastic parts in the car.
- Focus on EV ecosystem
In the long run, it’s positive for the countries who are dependent on Russia and heavily ignore the consequences, as now they need to look for an alternative and there will be a more reliable and sustainable solution in the future. The supply chain disruption is a temporary issue. No doubt it will drive innovation, new methods /infrastructures will be developed, and this will increase employment. For EV cars we can now expect, an effective EV ecosystem much sooner than expected.
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About the author
Marketing Specialist at Engibex