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Volvo Shifts Polestar 3 Production Entirely To the US

1 month ago
Polestar and Volvo are ending Polestar 3 production in Chengdu, China, and consolidating all output of the electric SUV at Volvo's plant in South Carolina. "The move to consolidate global Polestar 3 production in Charleston help[s] generate efficiencies for both companies, whilst also underscoring our confidence in the plant and the role it plays in our manufacturing footprint," said Hakan Samuelsson, chief executive of Volvo Cars. "The U.S. is a very important market for Volvo Cars, both to support our growth ambitions as well as a strategic production site to meet regional and export demands." Ars Technica reports: Volvo had a challenging 2025, with sales falling by 7 percent. Meanwhile, Polestar, which was spun out from the Swedish OEM's performance arm into a standalone startup in 2017, had a rather good 2025, seeing a 34 percent increase in sales. So increasing the proportion of Polestar 3s to come out of South Carolina seems sensible. And as we learned last September, the midsize electric Volvo EX60 will also go into production at the South Carolina site later this year, and then we'll see a still-unnamed hybrid Volvo in 2030. The two companies also announced today that Volvo agreed to extend part of a shareholder loan it made to Polestar and will convert the rest into Polestar shares. Polestar will still owe Volvo $661 million, due at the end of 2031, and another $274 million will become Polestar stock now, with a further $65 million in the second quarter of the year. Since December, Polestar has also raised $1 billion through three equity financing investments.

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Oracle Cuts Thousands of Jobs Across Sales, Engineering, Security

1 month ago
bobthesungeek76036 shares a report from the Register: Oracle laid off thousands of employees on Tuesday as it ramps spending on AI infrastructure projects internally and with major technology partners. The layoffs were carried out via email, according to copies of the message viewed by Business Insider. The email told affected workers they would be terminated immediately and to provide a personal email for follow-up. The cuts echo a TD Cowen forecast earlier this year, when the investment bank questioned how Oracle would finance its expanding AI datacenter buildout and suggested headcount reductions could reach 20,000 to 30,000. It is not clear how many employees were notified on Tuesday, but one screenshot that purports to show the number of internal Slack users showed a drop of 10,000 overnight. [...] Oracle employs about 162,000 people, with 58,000 of those in the US and approximately 104,000 internationally. If the rumored cuts of 30,000 are correct, it would amount to 18 percent of the company's workforce. According to posts from Oracle workers on LinkedIn, the cuts were spread through multiple departments around the country, with employees in Kansas, Tennessee, and Texas taking to social media to say they were among those chopped. "This news didn't seem to affect stock price," adds bobthesungeek76036. "ORCL is up 6% for the day."

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Top Brussels Official Urges Europeans To Work From Home, Drive Less As Energy Crisis Deepens

1 month ago
A top EU official is urging Europeans to work from home, drive less, and cut air travel as the bloc braces for a prolonged energy crisis triggered by the Gulf conflict. The European Commission is also pushing member states to accelerate renewables and other energy-security measures as oil and gas disruptions continue. Politico reports: In a speech with echoes of the early days of the coronavirus pandemic, EU energy chief Dan Jorgensen said Europe was facing a "very serious situation" with no clear end in sight. "Even if ... peace is here tomorrow, still we will not go back to normal in the foreseeable future," he said, following an extraordinary meeting of the EU's 27 energy ministers on Tuesday to discuss the crisis. "The more you can do to save oil, especially diesel, especially jet fuel, the better we are off," Jorgensen said, confirming an earlier report by POLITICO that Brussels wanted Europeans to travel less. He urged member countries to follow the advice of the International Energy Agency, which he said included "work from home where possible, reduce highway speed limits by ten kilometers [an hour], encourage public transport, alternate private car access ... increase car sharing and adopt efficient driving practices." Longer term, he urged EU countries to double down on building more renewables, saying "this must be the time we finally turn the tide and truly become energy independent."

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