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STV News
14-06-2025
- Business
- STV News
Expert government body created in bid to make Scotland 'leading tech nation'
A new government body has been created to ensure that Scotland is a leading tech nation on the global stage. The Scottish Technology Council will assist ministers in maximising the country's multi-billion pound technology sector. The newly formed group will help shape policy, provide a link between businesses and the Scottish Government and promote Scottish tech companies internationally. Latest figures show Scotland's 6,800 information and communication technologies enterprises employed 67,800 staff in 2022, while the wider life sciences cluster supported 46,900 jobs in the same year. Council membership includes industry leaders and academics with experience in international markets, including health and life sciences, financial services, data and AI, advanced manufacturing, and space. Jim Rowan, the former CEO of Volvo, Dyson and Blackberry, is one of the council's notable members. The government body is due to have its first meeting on Tuesday. Minister for Business and Employment Richard Lochhead said: 'Innovation is part of Scotland's DNA. It is embedded in our culture and our society – and it has the potential to turbocharge our economy. 'From leading the industrial revolution to television, ultrasound and pioneering renewable technology, Scotland's inventions have helped shape the world around us and transformed industries and lives. 'Our goal is to help Scotland become a leading tech nation. To ensure the world recognises our pioneering spirit as not just a thing of the past, but as a vital part of our future and to create an environment where businesses and entrepreneurs can flourish, develop new technologies and drive meaningful change. 'Our world is increasingly fast-paced and the council will provide valuable insight from vastly experienced leaders in their fields, who have built their careers at the cutting edge, as we strive to support the sector to deliver high value jobs for generations of Scots, boost international trade and increase our tax revenue to deliver vital public services.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Irish Examiner
14-06-2025
- Automotive
- Irish Examiner
Volvo XC90 T8 review: hybrid SUV blends luxury with practicality but shows its age on the road
THERE appears to have been a great deal of rethinking going on at Chez Volvo recently. Aside from snatching headlines about the ditching of diesel engines a while back and milking that 'clean' image for all it was worth, things have not exactly been going to plan in Gothenburg. First up, there was the announcement that it would be an EV-only company from 2030, which had to be scrapped when market forces dictated that hybrid-engined cars would be produced by them for longer than expected. And then, there was the surprise revelation earlier this year that CEO Jim Rowan was standing down and being replaced by Hakan Samuelsson, himself a former incumbent in the role. On top of that, there was news that falling profits and restructuring would see the company shed 3,000 jobs. There was also something of a surprise when Volvo announced it was walking away from the Polestar project it had been so actively involved with, along with its Chinese owners, to focus instead on its core business. So, it has not exactly been a quiet time for the Swedish outfit and while its best-laid plans have not exactly come to fruition, it still knows how to make cars — good cars — that appeal to a broad cross-section of the populace who can afford premium level equipment. The XC90 is a good example, having been with us since 2002; like many accomplished past Volvos, it is probably something worth noting (for those who notice such things) how many older XC90s are still on the go on our roads. It was originally made with diesel and petrol engine options and, it seems, most of them are still happily purring around. Read More Best hybrid SUVs in Ireland: top models for low emissions and family practicality The original was something of a blocky thing, but it did have an air about it that suggested both sophistication and premium-grade build quality. It was also practically bombproof and the fact there are still so many of them running contentedly is an indication of how well built they were and how robust the engines were too. When Volvo announced some time back that the new XC90 would be electric-only, there were undoubtedly many disappointed punters left out there wondering why their manufacturer of choice had deserted them. Volvo XC90 spacious interior But relief was at hand; the EV-only version, the EX90 was unveiled in 2022 and residual diesel/petrol fans were left a little nonplussed. By 2024, however, when Volvo launched the second facelift of the second generation XC90 (which was first seen in 2015 — sorry, I know, it gets a bit confusing), it had changed tack and petrol was back, albeit in hybrid form. In the zeitgeist of that moment, when EV popularity was plummeting Europe-wide, there was little other choice Volvo could have made, but it was still very welcome for a core of followers who were probably never going to be electric adoptees. So, here we have it — the new XC90, but there is still a slight quirk about what's on offer. Although the B5 and B6 mild hybrids are offered in other markets, we will only get this week's tester (apart from the EV version), which is the XC90 T8 PHEV. The main downside of that means this is not going to be a cheap car — the tester, in Ultra specification, costs over 110 big ones — and that may limit appeal somewhat, even though the pricing is in league with the car's primary opponents from BMW, Range Rover, and Mercedes. Given the popularity of the car, it is understandable that Volvo didn't want to trick around too much with the winning formula and so, there has only really been a few minor tweaks to the exterior look, while the interior has come in for something of a major overhaul, which is in line with the car's originally intended raison d'etre as an EV only car. One trick that the Volvo has up its sleeve is that it's a seven-seater and therefore something of a rarity. That said, the only real exterior changes are to the grille and the headlights. The new grille is an attractive design with opposing diagonal lines in its right and left halves. The 'Thor's Hammer' front running lights have been a staple of the XC90 since the off and have now been updated to mirror everything else Volvo is making. The combination of the two new elements freshens up the look of the car overall. On the inside, everything seemed vaguely familiar to these eyes but freshened to the point where you begin to wonder about the veracity of what your eyes are telling you. It is all very plush and there is also a new portrait touchscreen for the excellent infotainment system. Other than that, it seems that all the materials utilised have been burnished and/or upgraded. All new Volvo XC90 You do get a curious mix of timbers, leathers and brushed aluminium throughout, but the contrasts they provide are upmarket and great to look at and touch. There's a real feel-good factor at hand here. The seats are great too; fabulously comfortable and beautifully upholstered they continue a long-standing Volvo tradition in this area. Even the rearmost seats are comfortable for other than small people and they are easily accessed too. All of that — the look of the car from the outside and the quality of the interior — mark this XC90 down as being close to best in class. Indeed the quality of the interior alone puts the Volvo ahead of anything else in a comparable price bracket. Where it is not quite up to the standards of this premium segment is on the road. Sure there's 448 bhp on tap and the 0-100 km/h dash takes just 5.4 seconds, but top speed is limited to 180 km/h, which appears fine. But to achieve those figures you have to thrash that four-cylinder engine and, to be honest, it doesn't like being thrashed. Sure the thing is effortless in many respects, but the age of the engine makes things seem a touch creaky. Also, the claimed consumption rate of 1.2 l/100 km (235 mpg) is preposterous — as are the figures for most PHEVs — but realistically you'll be lucky if you get 9.8 l/100 km (30 mpg), especially if you're any way heavy-footed. The electric-only range too is rubbish — tops 70 km — which is only just close to useful. It rides and handles well, though, boosted considerably by the air suspension and the 4WD system on offer here. For a big car, these factors, play a big part in making it as good as it is on the road. Without doubt this is a massively attractive proposition, in terms of looks, specification and driving pleasure, but it is the latter that sees a gap opening between the XC90 and its principal rivals. For aficionados that will matter little, but for purists it makes all the difference. This is a car which has aged well in many regards, but the fact that it has aged at all is probably down to the fact that Volvo was not really expecting to be making it still.
Al Etihad
26-05-2025
- Automotive
- Al Etihad
Volvo plans to cut around 3,000 office jobs
26 May 2025 18:33 FRANKFURT (dpa)Swedish car manufacturer Volvo Cars plans to cut thousands of administrative jobs as part of cost-cutting measures, the firm announced on Monday.A total of 3,000 jobs will be lost worldwide, according to the Gothenburg-based company, which is controlled by the Chinese Geely figure represents around 15% of all office-based jobs, with the majority of these in a statement, in which he announced talks with unions, Volvo chief executive Hakan Samuelsson said some tough decisions had to be made."The automotive industry is in the midst of a difficult phase," he said. In order to overcome this, costs must be reduced announced at the end of April, when it reported weak first-quarter figures, that jobs would be cut and that a total of 18 billion Swedish kronor (just under $1.9 billion) would be saved through other package will initially involve special costs of around 1.5 billion kronor, which will be booked in the second focused early on pure battery electric vehicles (BEVs) and has suffered from high costs for battery materials in recent who had previously led Volvo for many years, took over the helm again at the beginning of April after former boss Jim Rowan was suddenly forced to the sales environment has become tougher and the company is currently unable to provide a detailed financial forecast due to uncertainty over US company will also focus more strongly on plug-in hybrids in the future because its ramp-up of pure electric cars has stalled. In the first quarter, the share of pure electric cars at Volvo was 19%, two percentage points lower than a year earlier.
TimesLIVE
29-04-2025
- Automotive
- TimesLIVE
Volvo to cut costs by $1.9bn as earnings drop
Sweden-based Volvo Cars launched cost cuts of 18-billion Swedish crowns ($1.87bn or R34,701,964,000) on Tuesday as its operating profit fell heavily amid difficult market conditions for the automotive industry. Operating profit at the company, majority-owned by China's Geely, was 1.9bn Swedish crowns (R3,661,982,100) for the January-March period against a year earlier 4.7bn crowns (R9,060,580,100). The cost cuts, part of a new "cost and cash action plan", will include layoffs and a larger decrease in investment than earlier expected, the company said, adding it had withdrawn its financial guidance for the next two years. The company's share price fell to record low levels in recent months as it grappled with mounting tariff pressures, the continued slowdown in electric vehicle demand and global uncertainty. In a first sign Volvo was taking steps to address the situation, the carmaker made an unexpected management shake-up this month by axing CEO Jim Rowan and bringing back former CEO Hakan Samuelsson, and weeks later also replacing its CFO. "Given the turbulence in the market, we need to further improve our cash flow generation and lower our costs," Samuelsson said on Tuesday. "While we l have a lot to do, our direction going forward is focused on three areas: profitability, electrification and regionalisation," he said.
Business Times
29-04-2025
- Automotive
- Business Times
Volvo Cars to cut costs by 18 billion Swedish crowns as earnings drop
[STOCKHOLM] Sweden-based Volvo Cars launched cost cuts of 18 billion Swedish crowns (S$2.4 billion) on Tuesday (Apr 29) as its operating profit fell heavily amid difficult market conditions for the automotive industry. Operating profit at the company, which is majority-owned by China's Geely, was 1.9 billion Swedish crowns for the January to March period against a year-earlier 4.7 billion crowns. The cost cuts, part of a new 'cost and cash action plan', will include layoffs and a larger decrease in investment than earlier expected, the company said, adding that it had withdrawn its financial guidance for the next two years. The company's share price fell to record-low levels in recent months as it grappled with mounting tariff pressures, the continued slowdown in electric vehicle demand and global uncertainty. In a first sign that Volvo was taking steps to address the situation, the automaker made an unexpected management shake-up this month by axing CEO Jim Rowan and bringing back former CEO Hakan Samuelsson, and a few weeks later also replacing its CFO. 'Given the turbulence in the market, we need to further improve our cash flow generation and lower our costs,' Samuelsson said on Tuesday. 'While we still have a lot to do, our direction going forward is focused on three areas: profitability, electrification and regionalisation,' he added. REUTERS
