Volvo Revises 2030 EV Target Amid Market Shifts and Trade Tariffs
Volvo has abandoned its target to produce only fully electric cars by 2030, citing changing market conditions, including a slowdown in EV demand and trade tariffs on Chinese-made EVs. The company now expects at least 90% of its vehicles to be either fully electric or plug-in hybrids by 2030, with some mild hybrids also in the mix. Volvo's CEO Jim Rowan acknowledged the uneven pace of the global transition to electrification, driven by factors such as slow infrastructure development and the end of consumer incentives. Other carmakers like General Motors and Ford have similarly scaled back their EV ambitions, amid concerns about costs and market demand. Volvo, majority-owned by China's Geely, is also affected by tariffs on Chinese-made EVs in Europe and North America, further complicating its EV strategy.
Stellantis Recalls 1.35 Million Ram 1500 Trucks for ABS Software Issue
Stellantis is recalling over 150,000 Ram 1500 pickup trucks in Canada and 1.2 million in the U.S. due to a software issue in the anti-lock brake system (ABS) control module, which may disable the electronic stability control (ESC) system. The recall affects model years 2019, 2021, and 2022-2024. The defect, which has impacted all trucks produced between October 31, 2017, and February 14, 2024, was discovered shortly after the release of updated ABS software. This issue compromises safety by potentially impairing the ESC system, violating federal safety standards. Owners will be notified by mail to have their trucks' ABS control module software updated at no cost.
(CANADA) Canadians Facing Rising Repair Costs and New-Car Prices, Report Finds
Canadian drivers are experiencing a "double whammy" of rising repair costs for aging vehicles and persistently high new-car prices, according to a J.D. Power Canada report. The average cost for a dealership visit rose to $465 in 2024, up 7.6% from the previous year, while independent repair shops saw costs increase to $273, up 4.2%. With inflation pushing repair costs higher and interest rates impacting large purchases, many drivers are holding onto their vehicles longer. This shift has led to a higher percentage of repair visits, with 40% of dealership visits and 24% of independent shop visits now for repairs, compared to last year's figures. Despite these challenges, the market share between dealerships and independent shops for repairs remains stable.