Copenhagen — Volvo Cars sold 60,455 cars in October, down 2% compared to the same period last year, the Sweden-based company said on Tuesday.
“This month’s sales figures reflect the challenging market conditions that continue to impact our business,” chief commercial officer Erik Severinson said in a statement.
“In the US, the phase-out of EV (electric vehicle) tax credits is the driver of the softer figures for the month, which is impacting not only Volvo Cars but the automotive industry at large,” he said. Reuters
Stellantis recalls 320,065 Jeeps over fire risk concerns
Bengaluru — Stellantis is recalling 320,065 Jeep Wrangler and Grand Cherokee vehicles in the US due to a potential high-voltage battery failure that could pose a fire risk, the National Highway Traffic Safety Administration said on Tuesday.
The auto safety regulator advised owners to park outside and away from structures and refrain from charging their vehicles until the remedy is obtained, which is currently under development.
The Franco-Italian-American automaker had also recalled more than 298,000 US vehicles in October, citing potential rollaway risk. Reuters
Renault CEO calls for EU flexibility on emissions
Paris — Renault boss Francois Provost said on Tuesday no carmaker in Europe can meet emission targets on vans or cars by 2030, calling for flexibility on the EU’s CO₂ targets.
Speaking at an event organised by French car body PFA, Provost added Renault should be able to reduce its production of utility vehicles by the end of 2025 or early 2026 without impacting its broader European targets.
Stellantis CEO Antonio Filosa told France 2 TV on Monday that he was asking for a 10-year delay on the EU’s ban on thermal engines. Reuters
Tesla’s China sales drop amid fierce competition
Beijing — Tesla’s China-made electric vehicle sales fell 9.9% to 61,497 units in October from a year earlier, reversing a 2.8% increase in September, data from the China Passenger Car Association showed on Tuesday.
Sales of the US automaker’s Model 3 and Model Y vehicles made at its Shanghai “gigafactory“, including exports to Europe, India and other markets, dropped 32.3% from September.
Its biggest Chinese rival, BYD, posted a 12% drop in global vehicle sales last month, a second consecutive month of decline and the steepest fall in nearly two years amid hyper-competition in the home market. Reuters
Morgan Stanley warns of 10%-15% market correction
Bengaluru — Morgan Stanley CEO Ted Pick on Tuesday cautioned that the global equity markets could be heading towards a correction.
“We should welcome the possibility that there would be drawdowns, 10% to 15%, that are not driven by some sort of macro cliff effect,” he said at the Global Financial Leaders’ Investment Summit in Hong Kong. Reuters
Edenred sees 2026 profit slowdown, rebound ahead
French vouchers and benefit cards provider Edenred said on Tuesday that it expected its annual core profit growth to slow down in 2026 before gaining pace again over the next two years under its new strategic plan.
The group, which helps companies manage staff expenses and benefits, said it saw annual like-for-like growth of between 2% and 4% in its 2026 earnings before interest, taxes, depreciation and amortisation, which should rise to between 8% and 12% in 2027 and 2028. Reuters
Philips meets forecasts on strong US performance
Bengaluru — Dutch medical technology company Philips reported third-quarter revenue in line with analysts’ expectations on Tuesday, citing a strong performance in North America.
The company posted a 3% rise in sales to €4.3bn, matching analysts’ average estimate in a company-compiled poll.
Philips, which makes the biggest share of its revenue in the US, flagged last quarter that tariffs would have a lower impact than expected following a trade agreement between the EU and the US.
Its adjusted earnings before interest, tax and amortisation (ebitda) came in at €531m, surpassing the €484m expected by analysts. Reuters
