Briefcase
Volvo commits to making only electric vehicles by ’30
Volvo says it will make only electric vehicles by 2030. But if you want one, you’ll have to buy it online.
The Swedish automaker said Tuesday that it is phasing out the production of all cars with internal combustion engines – including hybrids.
“There is no long-term future for cars with an internal combustion engine,” said Henrik Green, Volvo’s chief technology officer.
Volvo’s announcement follows General Motors’ pledge earlier this year to make only battery-powered vehicles by 2035.
Volvo also said that, while its all-electric vehicles will be sold exclusively online, dealerships will “remain a crucial part of the customer experience and will continue to be responsible for a variety of important services such as selling, preparing, delivering and servicing cars.”
As part of the announcement Tuesday, the Swedish automaker unveiled its second fully electric car, a follow-up to last year’s XC40 Recharge, a compact SUV. Volvo said its goal is to have half of its global sales to be fully electric cars by 2025, with the remaining half made up of hybrids.
Hertz eyes bankruptcy exit through $4.2B stake sale
In a deal to jettison itself from under bankruptcy protection, Hertz said Tuesday that it may sell a controlling stake in the company to two investment firms for $4.2 billion.
Knighthead Capital Management and Certares Opportunities will have the chance to buy the entire reorganized car rental company, but no less than a majority of its shares, Hertz Global Holdings Inc. said.
Hertz was among the first major corporations to be felled by the pandemic last year as infections surged and shut down travel on a global scale for both companies and vacationers.
Hertz filed for bankruptcy protection in May. Sales growth went into negative territory almost immediately, but the 100-year-old company was already experiencing some turmoil.
When it entered bankruptcy protection, Hertz named its fourth chief executive in six years.
Target to spend billions to prepare for post-COVID
NEW YORK – Target will plow $4 billion into its business each year for the next several years to redo its stores, add new ones and speed up delivery as the discounter aims to keep up with increasingly demanding shoppers shaped by the pandemic.
As part of the investments announced Tuesday, Target will accelerate the pace of building small-format stores, with plans to add 30 to 40 new stores this year, up from 29 last year. It also will step up the pace of its store remodel program. It will remodel 150 stores this year, and then push that number to 200 remodels a year later.
But safety will remain top of mind even as the threat of COVID-19 should diminish with the vaccine rollout. The Minneapolis retailer says it will implement more contactless features from its restrooms to its checkouts and add distance between merchandise and at the checkout lanes.
The company is also testing a “merchandise sortation hub” in Minneapolis and will build five more this year. The hubs will help sort packages and speed up deliveries to customers ordering more online.
The capital investment is up 50% from the previous year.
The moves come as Target extended its sales streak through the holiday quarter and sales grew by more than $15 billion. That exceeded the company’s annual sales growth over the past 11 years combined.
From wire reports