Volvo

The Swedish automaker said it will take a one-off, non-cash impairment charge of 11.4 billion Swedish kronor ($1.19 billion) in the second quarter related to two plug-in models: the EX90 and ES90. That means Volvo is basically reducing the value of the EVs on its balance sheet. The reason is because Donald Trump’s tariffs are making it impossible for Volvo to make a profit on these models. The EX60 is still on track, apparently.

Ex-Volvo CEO Hakan Samuelsson has his old title back, replacing Jim Rowan who held the job for three years after Samuelsson stepped down in 2022. As he assumes/resumes his role, Samuelsson will face new challenges, including President Donald Trump’s threat to slap 25 percent tariffs on all cars not made in the US. Volvo already moved production of some of its vehicles, including the all-electric EX30, to Europe from China to avoid EU tariffs — and may ultimately do the same for the US.

The automaker’s bigger EX90 EV got CarKey last year, and now Volvo is adding it to the smaller EX30. Volvo’s software rollout on the EX90 has been buggy, with features like CarPlay arriving slowly and owners complaining that their digital keys don’t work.

The Swedish automaker is already working with Aurora on its autonomous big rigs, and now its adding Waabi to its list of partners. Raquel Urtasun, the former chief scientist at Uber’s Advanced Technologies Group, founded Waabi in 2021 to be a more “AI-centric approach” to autonomous vehicles.

The compact EV was supposed to go on sale in North America this year, but thanks to the Biden administration’s tariffs on vehicles from China, that won’t be happening. Volvo tells InsideEVs that the EX30’s debut is being pushed to 2025 while it moves production to Ghent, Belgium. The EV is currently being assembled in China, where Volvo’s parent company Geely is based.

The Swedish automaker said it would distribute 62.7 percent of its stake in Polestar to its shareholders, following through on its promise to dial back its funding for the performance EV brand. When all is said and done, Volvo will retain an 18 percent stake in Polestar, and Geely (Volvo and Polestar’s parent company) will be in the driver seat.

The Volvo / Polestar relationship has always been complicated — as Volvo CEO Jim Rowan explained to me on Decoder last year, Volvo owns 48 percent of EV maker Polestar, Rowan sits on Polestar’s board, and both companies share tech and platforms with Volvo’s majority owner Geely — but it’s getting a little simpler, as Volvo announced it won’t be funding Polestar directly anymore. (Geely says it will, though. So, still complicated.)

Remember the jeers Tesla got for having no instrument cluster or HUD in the Model 3? Now Volvo’s getting in on a similar design with the new EX30.