Volvo said Monday that the global trade war spurred by U.S. President Donald Trump has forced it to delay its plans for an initial public offering.
“The issues around trade are hard for us because they impact cars shipped between China and the U.S. It’s a huge drawback,” Volvo Chief Executive Officer Hakan Samuelsson told Bloomberg during a phone interview. “The risk is that these headwinds will increase.”
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Volvo, which was acquired from Ford by Chinese automaker Zhejiang Geely Holding Group in 2010, had reportedly planned to go public as soon as this fall in Stockholm and Beijing.
Earlier this summer, Volvo shifted production of a crossover SUV and a full-size sedan for the U.S. away from China to Sweden. It has also indicated that its plans to export vehicles from a new assembly plant in Charleston, South Carolina, may no longer be viable.
Samuelsson said in the interview that building the XC60 in Sweden for the U.S. would be “OK to mitigate,” but that the S90 sedan would be “more difficult.”
Consumers’ preferences for crossover SUVs in the U.S. has affected Volvo’s sales, as well. Its XC60 crossover outsells the S90 sedan by about 4-to-1.
The automaker on Monday also extended its contract with Samuelsson an additional two years to 2022.
The dream of the 1840s is alive in Portland, Oregon, this week. That’s because ride-share service Lyft is offering covered wagon rides downtown to commemorate 175 years of the Oregon Trail from Tuesday to Thursday.
Lyft admits that the service isn’t as much about efficient transportation as it is about celebrating history. Riders who use the promo code OREGONTRAIL175 via the Lyft app get a free ride with pioneer-era experts as docents. They’ll be treated to a view of some of Portland’s oldest buildings and they’ll receive what Lyft said in a statement is a “commemorative memento.”
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Lyft said the rides are free but asked participants to bring a canned food item to donate to the Sunshine Division food bank. The rides start at the Oregon Historical Society in downtown Portland.
The Lyft rides have more in common with the popular educational video game that debuted in the 1970s than what as many as 400,000 fur trappers and early settlers experienced 175 years ago as they sought to tame the frontier. The original Oregon Trail was a wagon route from Independence, Missouri, to Oregon City, Oregon, first laid by trappers and later used by settlers fulfilling the “manifest destiny” ethos popular at the time.
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Use of the Oregon Trail declined rapidly after the Pacific Railroad’s final spike was driven into the ground near Promontory Summit, Utah, in 1869. Today, Interstates 80 and 84 follow much of the same route Ruts from wagons used in the trail are visible in some areas today, most notably near Guernsey, Wyoming.
While actual Oregon Trail veterans dealt with disease, food shortages, and hostile territory, those waiting for the Lyft rides can play the Oregon Trail video game on iPads to pass the time.
2019 Subaru Forester compact SUV costs $25,270 to start, about $500 more than outgoing model
The 2019 Subaru Forester crossover SUV will cost $25,270 when it goes on sale later this year, the automaker announced Thursday. Top-of-the-line Touring versions will cost $35,270. All prices include a mandatory $975 destination fee.
2019 Nissan Sentra adds Apple CarPlay, Android Auto
The long-servicing 2019 Nissan Sentra gets a few important updates and a slight price bump for the new model year, highlighted by Apple CarPlay and Android Auto on most trim levels.
Kroger supermarkets jump into self-driving car grocery delivery in Arizona
With Waymo, Uber, and more testing all over the state, Arizona is a hotbed (pun intended) of self-driving car activity, and Kroger supermarkets said Thursday that it would be starting self-driving grocery delivery with partner Nuro at a single store in the Phoenix suburb of Scottsdale, Arizona, according to Reuters.
‘Revenge of the Electric Car’ premiere: Tesla Motors CEO Elon Musk on red carpet
From Motor Authority:
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It’s hard to understate Elon Musk’s contributions to the 21st century.
Ford to spend $740M to turn Detroit train station into tech HQ
Ford recently made news when it purchased the defunct Michigan Central Station. Closed in 1988, the former Amtrak hub is now going to be turned into a tech center for the Blue Oval brand. Now Ford has revealed it will shell out hundreds of millions of dollars to get the old building into shape.
2018 BMW M5 recalled for faulty fuel level sensor
The 2018 BMW M5 is a powerful beast, but some owners may also think they are getting fantastic fuel economy. Sorry, that’s not the case. The 2018 BMW M5 is being recalled for a faulty fuel level sensor.
2015 Porsche Cayenne Diesel
From Green Car Reports:
Swiss authorities halts some diesel Porsche, Mercedes-Benz over emissions
Authorities in Switzerland halted registrations of some new Mercedes-Benz and Porsche vehicles because their diesel engines skirted emissions regulations, Reuters reported Thursday.
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Tesla privatization bid, quality control face increasing scrutiny
Tesla CEO Elon Musk is facing mounting pressure from regulators and critics since his tweet last week to take the company private and the fallout that has followed.