Volvo is recalling another 306,782 older models globally in the U.S. for potentially defective driver-side airbags after a rupture incident resulted in a death.
The recall affects certain V70 and XC70 vehicles from the 2001 to 2007 model years.
The latest recall comes after Volvo this month said it was recalling more than 460,000 older models globally for potentially defective driver-side airbags that have been linked to the one death. The affected vehicles in the early October recall are the S80 sedan from the 2001-06 model years and the S60 sedan from the 2001-09 model years.
With the expanded scope, Volvo said the total number of vehicles being recalled globally is 767,551.
"We are continuing to perform extensive investigations to determine whether other cars might be at risk," Volvo spokesman Thomas McIntyre Schultz said in a statement to Automotive News. "The issue only affects cars from a previous product generation. No cars in our current lineup are affected by this."
In both recalls, the inflator manufacturer is German auto supplier ZF Friedrichshafen. Autoliv is the airbag assembly manufacturer.
Driver-side airbag inflators in vehicles affected by both recalls may explode during deployment, increasing the risk of sharp metal fragments striking the driver or other vehicle occupants and resulting in injury or death, according to a safety recall report submitted to NHTSA.
The airbags contain a propellant that can degrade over time after long-term exposure to high temperatures and humidity.
Airbag inflators "exposed to critical environments — hot and humid — frequently during its lifetime are at highest risk," according to the NHTSA document.
Volvo said its investigations show that there is a low likelihood of the issue happening.
The defect appears similar to that found in airbags made for many years by the former Takata Corp., which resulted in the largest recall in automotive history. Volvo's recall is not part of the ongoing NHTSA investigation.
Volvo will replace the driver-side airbags in the affected vehicles with a more modern propellant and inflator.
Dealers were notified starting Oct. 14. Vehicle owners will be notified starting Dec. 14.
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The company said its third-quarter net income rose 389%. However, the manufacturer's shares declined after the release of reports.
Tesla has published a report for the third quarter of 2021. The company reported an almost fivefold increase in net income over the same period last year. The company earned $ 1.618 billion on GAAP, the third consecutive profit. A year earlier, the figure was $ 331 million.
Elon Musk's company also achieved record revenue growth. In three months, total revenue increased 57% to $ 13.76 billion.
Tesla's automotive division's revenue rose 58% to $ 12.02 billion. It is noteworthy that the company was able to reduce the share of statutory loans in revenue to 2.3% or $ 279 million. In the previous quarter, they amounted to 3.5% or $ 354 million.
Production of electric cars in the company grew by 64%, to 273.8 thousand units - despite the shortage of chips and supply chain problems affecting the industry.
In early October, the company announced record growth in electric vehicle sales, with Tesla shipped 241,300 vehicles in just the third quarter, up 73% from a year earlier and 20% more than in the second quarter. A significant part of this amount was made up of cars produced in China - 56 thousand units in September this year alone.
Tesla is more vertically integrated than its competitors, according to analysts polled by The Wall Street Journal, helping the company better manage chip shortages.
According to the average forecast of analysts surveyed by FactSet, in the fourth quarter, electric vehicle shipments in Tesla will continue to grow and reach 266 thousand. last year, when it delivered almost 500 thousand electric cars.
Despite the record results, Tesla shares fell 1.62% on the postmarket on October 20, to $ 851.8 per share.
According to Tesla CFO Zachary Kirkhorn, the company is trying to maximize production capacity, but cannot do it fast enough. “Due to a shortage of parts and variability in logistics, we have not been able to get our factories running at full capacity,” the CFO said, adding that customers have to wait longer for vehicles. Kirkhorn also said that "production in the fourth quarter will be highly dependent on the availability of spare parts."
Tesla didn’t make the long-awaited announcement of the production of Cybertruck trucks, noting only that this will happen after the start of production of the Model Y in Austin, where Tesla is building a new car assembly plant.
Vietnamese automaker Vinfast will begin taking pre-orders in the USA market for its VF e35 and e36 electric SUVs in the first half of 2022 and expects to begin delivering them by the end of that year. This was revealed by Michael Lohscheller, the global Chief Executive of VinFast.
In an email sent to Reuters, Michael Lohscheller who is a former Volkswagen and Opel executive & was named to his position at Vinfast in July, said that the company will unveil VF e35 and VF e36 electric SUVs at the 2021 Los Angeles auto show this November, thus marking the official introduction of VinFast cars to the American market. Vinfast already has an office in California and expects to inaugurate 60 showrooms in USA by next year, he said.
Vinfast has grand ambitions to launch EV sales in the USA and European markets next year, taking on the likes of Tesla and other automakers. Funding that plan is VinFast’s parent company Vingroup, which was founded as an instant noodle business and by now has spread its interests in real estate, resorts, schools, hospitals and smartphones.
Founded in 2017, Vinfast is aiming to compete on vehicle size and price. Additionally, VinFast electric vehicles will also come with a battery leasing scheme which means the cost of the battery, one of the most expensive components of an EV, will not be included in the final price. Furthermore, to fuel its growth, Vinfast has said it is eyeing a public listing in the United States. According to Lohscheller:
“VinFast has a plan for an IPO in USA but specific timing will depend on the market and other conditions. We will reveal more information at an appropriate time in the future.”
VinFast’s current portfolio consist of Lux A2.0 sedan and Lux SA2.0 SUV both designed by Pininfarina and were based on out-gone BMW platform while utilizing BMW sourced engines. Then there is a small car based on the Opel Karl, called the Fadil which is the bestselling VinFast product. Then it introduced the President SUV in September 2020 as the flagship model in its lineup. Whereas earlier this year, VinFast’s first electric crossover– the VF e34 made its debut.
Both the upcoming VF e35 and VF e36 will feature smart infotainment system with voice control, a “Virtual Assistant” and in-car payment services, advanced driver assistance systems (ADAS) including lane centering assist, collision warning, driver monitoring, fully-automated parking and a Tesla-style vehicle summoning feature. VinFast says, it has been able to incorporate these features through strategic investments, research and development and a global collaboration with automotive industry leaders and start-ups affiliated with VinFast and its parent company Vingroup. According to Vingroup vice chairwoman Le Thi Thu Thuy:
“We have made vigorous investments and conducted extensive market research to create premium EVs that will satisfy the desires of global customers. This is just the beginning. We hope to capture the hearts and imaginations of even the most demanding customers with VinFast’s dedicated service and smart, high-quality products.”