Volvo's Next EV ‘A Really Important Car for Us'
Volvo Cars aims to boost global sales more than 70 percent to 1.2 million by 2025, with half of those models being full electric and half of its transactions to be done online. CEO Jim Rowan said the Swedish automaker's next model, a small electric crossover that he refers to as the EX30, will be a "big part" of achieving the targets. Rowan, a former Dyson executive who took charge at the automaker in March, also outlined why it is critical for Volvo to become an expert in software and silicon. He discussed this, as well as Volvo's plan to keep upgrading and selling its XC90 flagship crossover despite the arrival of its range-topping EX90 electric crossover, with Automotive News Europe Managing Editor Douglas A. Bolduc. AUTOMOTIVE NEWS Who will be your entry customer? JIM ROWAN: It’s that Gen Z person who is 18, 19 years old and coming into the car market for the first time and looking for the right price point, plus the flexibility, the insurance and roadside assistance that Care by Volvo offers. Click here for the full interview.
Tax Credits for EU Electric Vehicles to Dominate Monday's Trade Talks with U.S.
Top European Union officials are aiming to be more vocal at a trade meeting with their U.S. counterparts on Monday in their criticism of President Joe Biden's climate law that would cut off the bloc's electric vehicles from U.S. tax credits. The U.S.-EU Trade and Technology Council (TTC), a year-old transatlantic forum for dialogue, focused in its first two meetings on regulatory co-operation and presenting a united front against China's non-market economic practices, reports Reuters. But the 27-country bloc fears the $430-billion Inflation Reduction Act (IRA) with its generous tax credits of $7,500 for Tesla, Ford, and other North American-made EVs will significantly damage European automakers. French Finance Minister Bruno Le Maire said he and German economy minister Robert Habeck have started talks with their U.S. counterparts on exemption for all EU-made green products. But he also said the EU needed its own equivalent of the IRA. European Commission head Ursula von der Leyen said on Sunday the EU would adapt its state aid rules to prevent an exodus of investment triggered by the IRA, while offering cooperation over raw materials to counter China's dominance. Click here for the full story.
Agency Wants a Clearer Picture of Auto Loan Data
The Consumer Financial Protection Bureau says it wants to work with fellow agencies and the private sector to develop a new auto finance data set. The CFPB said auto loans rank third among consumer credit segments behind mortgages and student loans, but it has far more information on those markets than auto. Automotive News reports more than 100 million Americans have an auto loan, collectively owing $1.5 trillion. Auto debt was on pace to grow larger than the nation's outstanding student loan balance in the first half of 2023, according to the CFPB. It also noted issues such as rising vehicle prices, monthly payments, loan amounts and delinquencies and the prospect of consumers being priced out of the market. "While currently available data allows market participants to identify and measure certain trends, it's not sufficiently granular or complete enough to fully explore the cause of those trends," a Nov. 17 CFPB blog post stated. "Also, the rapid changes to the industry over the last few years have made visibility into market trends increasingly difficult." Click here for the full story.
Toyota Unveils Hydrogen-Combustion Corolla Cross H2 Concept
Toyota has unveiled the world's first hydrogen-combustion Corolla Cross, a concept car that's being tested to extol the virtues of the alternative energy source. While it may resemble a regular Toyota, the engine is far from conventional. Lift the hood, and you'll find a three-cylinder, 1.6-liter engine — from the sporty GR Corolla —with high-pressure hydrogen direct injection technology. The automaker says it has lifted this straight from its motorsport activities; Toyota has been racing a hydrogen-powered Corolla for quite some time. Coupled with hydrogen tank packaging expertise gleaned from the Mirai, the Japanese carmaker has managed to create the Corolla Cross H2 hydrogen prototype: a crossover that is capable of transporting up to five occupants and their luggage, reports Carbuzz. The world's largest automaker by sales hasn't shared any technical data yet but says it is 40 percent "along the path to commercialization of [these] products." That's hugely encouraging, as hydrogen vehicles bring several benefits. As they leverage ICE technology, they're cheaper to develop than battery-powered electric vehicles. Click here to learn more about the Corolla Cross.
U.S. Road Safety Lags Behind Other Countries Because It’s a Complex Problem to Solve
A new report highlights the numerous factors that have the U.S. lagging behind most other developed countries when it comes to road safety. It says that among many factors, road design, car design, and Americans’ attitudes toward the road itself contribute to the problem. Solving the issue will require numerous changes across the country. In a deep dive into traffic fatalities, Carscoops says that out of 31 developed countries, the U.S. is one of only three to have an increase in deaths during 2020 compared to their average between 2017 and 2019. In fact, while the U.S. saw a 5 percent increase in the study, most nations saw decreases of 10 percent or more during the same time period. A handful saw drops of more than 25 percent. To anyone paying attention, a steady rate of traffic fatalities won’t come as a surprise. It was newsworthy when the NHTSA reported an estimated decrease in total fatalities per 100 million miles from 1.3 in 2021 to 1.27 this year. “Motor vehicles are first, highways are first, and everything else is an afterthought,” said Jennifer Homendy, chair of the National Transportation Safety Board. Click here for the full story.
Around the Web
Maserati Reveals Its New Online Face in North America [Carbuzz]
Here's How a Self-Driving Truck Handles a Blown Tire [Automotive News]
Take a Free Online Automotive Design Course [Carscoops]
VW Looks to Expand Coding Schools to Bolster Tech Skills [Bloomberg]
