Geely Automobile SEHK: 0175 właściciel fabryki sam. osobowych Volvo, Lotus, London Taxi Company

[slayer74]

Swedish luxury automaker, Volvo launched their new fully-electric EX30 SUV on Wednesday with two battery options and a starting price of around €36,000 ($38,500). The EX30 is Volvo’s smallest SUV to date and follows the unveiling of the larger electric EX90 in November.

"It's a small SUV doing Volvo things," CEO Jim Rowan said during the car's launch event in Milan, Italy.

The EX30’s €36,000 starting price compares with the over €40,000 price for Tesla (NASDAQ:TSLA)'s Model 3. Tesla has cut prices several times this year to try to boost demand as competition heats up among EV makers. Rowan however has said the group didn't need to follow Tesla on EV price cuts as market demand was healthy.

Volvo, with its ambitious goal of achieving 50% of its sales from electric vehicles by the middle of the decade and becoming a fully electric vehicle brand by 2030, has identified the EX30 as a significant business opportunity in the upcoming years.

"Customers get a premium fully electric SUV for a similar price to combustion engine-powered equivalents," the group said.

The EX30 will be produced in the Zhangjiakou plant in China - which is operated by Geely (OTC:GELYY), Volvo's controlling shareholder. - and is due to start later in 2023.

The new model is available to order in some markets including Europe with initial customers being able to expect delivery early 2024. Incidentally, the car will be delivered earlier than its larger EV SUV, EX90, which will start production in the first half of 2024 due to production delays.

[slayer74]

(Reuters) -China's Geely Automobile Holdings (OTC:GELYF) and French car maker Renault SA (OTC:RNLSY) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles.

The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles.

"We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman.

The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault (EPA:RENA) said.

At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan (OTC:NSANY), Mitsubishi Motors (OTC:MMTOF), and PUNCH Torino.

The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added.

Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue.

Saudi Aramco (TADAWUL:2222), which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said.

The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year.

Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business.

The joint venture is expected to be launched in the second half of 2023.