Volvo celebrates a 29% surge in EV sales this October, the 14th month of consistent growth, coupled with a global sales increase of 10% YOY. Although plug-in hybrid sales decreased by 8%, 10,489 BEVs were sold worldwide. Europe continues to be Volvo's leading market, and with the introduction of the new EX30 model, the company anticipates further expansion.
Ford, GM, and Stellantis, collectively known as Detroit's Big Three, have agreed with the UAW. The agreement promises over $100 daily for striking workers and union support, concluding a six-week strike. Workers will see a 25% wage increase over four years, along with enhanced benefits. Amid these developments, Toyota has also opted to increase wages as the UAW steps up organizing efforts.
BMW looks toward a solid fourth quarter with full order books stretching into the following year. The company has sidelined the idea of a price war, even in a competitive market, following a 3.4% increase in Q3 revenue, surpassing expectations. However, net profits have declined by 7.7% due to factors including Chinese JV consolidation and continued high costs. Despite this, BMW expects a 15% share of its sales to be electric vehicles in 2023, and supply issues are showing signs of improvement.
Chery Automotive has announced a new concept EV that boasts a drag coefficient of 0.168 Cd, potentially making it the world's most aerodynamic car. The design, inspired by the aerodynamics of tuna fish and honed through AI simulations, showcases the Chinese automaker's commitment to innovation with an ambitious plan to launch 39 NEVs over the next two years.
Ford has recently acquired the electric vehicle charging startup Auto Motive Power (AMP), a strategic move to enhance its EV charging solutions and reduce electric vehicle costs. This acquisition is part of Ford's efforts to reinvigorate its EV adoption strategies following a thoughtful pause in its expansive $12 billion EV initiative.