Key Developments: AB Volvo (VOLAF.PK)
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21 May 2013
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Latest Key Developments (Source: Significant Developments)
Volvo AB Launches New Volvo FMX Truck
Volvo AB announced that new FMX, Volvo Trucks' specialized truck designed for heavy construction duties, was launched on April 15, 2013 at the Bauma 2013 fair. The truck boasts an array of updates including a redesigned cab interior, new air suspension system, raised ground-clearance and Volvo Dynamic Steering. Full Article
Volvo AB's Volvo Trucks and Royal Dutch Shell PLC Collaborate to Put LNG in Trucks-Reuters
Reuters reported that Volvo AB's Volvo Trucks and Royal Dutch Shell PLC announced that they will collaborate to use liquefied natural gas (LNG) as a transport fuel focused on North America and Europe. The loose agreement aims at powering more of Volvo's heavy-duty commercial trucks with LNG. Volvo aims to have a new 13-litrer LNG engine for its long-haul trucking fleet by 2014. Shell has made moves to build LNG refueling stations in Canada and recently announced a decision to build two small-scale liquefaction plants that will form the basis of two transport corridors in North America. Full Article
Volvo AB Launches New Volvo FM
Volvo AB announced that it is launching a new truck in the Volvo Trucks' product range, the Volvo FM. The truck will be launched in Europe on March 19, 2013. The Volvo FM will be equipped with Volvo Dynamic Steering, which combines a conventional hydraulic power steering system with an electronically regulated electric motor fitted to the steering gear. The system gives the driver effortless steering at low speeds as well as unbeatable directional stability on the open road. Full Article
Thales SA and Volvo AB's Renault Trucks Defense Cooperate on Digitized Vehicle Systems
Thales SA announced that Volvo AB's Renault Trucks Defense and Thales SA have reached a cooperation agreement on digitized vehicle systems to develop solutions for defense and security forces. Under the agreement, Renault Trucks Defense and Thales will propose mission systems that exploit vehicle mobility and protection and provide real-time communications between vehicles to support shared situation awareness and cooperative engagements. The platforms will include fighting vehicles as well as armored security vehicles equipped with a range of weapons, observation systems and communication systems depending on mission requirements. The agreement addresses a range of operational contexts: army surveillance and reconnaissance units (close-range reconnaissance, target acquisition, etc.), security forces (border surveillance, critical infrastructure surveillance, etc.) and special forces; battlegroups made up of different types of combat and support vehicles, and security and law enforcement units, particularly in urban environments. Renault Trucks Defense and Thales are already working together on digitized vehicle systems further to an initial partnership agreement for the VAB Mk3 armored personnel carrier announced at Eurosatory 2012. Full Article
Volvo AB's Volvo Group Venture Capital Acquires Stake in DriveCam, Inc.
DriveCam, Inc. announced that Volvo Group Venture Capital, a subsidiary of Volvo AB, has made a strategic investment in DriveCam, a global driver risk management company. Through the investment, Volvo Group becomes a minority shareholder in the company. DriveCam prevents collisions and reduces fuel costs by improving the way people drive. Financial terms of the transaction were not disclosed. Full Article
Volvo AB's Volvo Buses Receives Order For 475 Hybrid Buses From Quebec
Volvo AB announced that Volvo Buses' North American subsidiary, Nova Bus, has received an order for 475 hybrid buses from Quebec in Canada. The buses are scheduled for delivery beginning of 2014. The order also encompasses an option for a further 1200 vehicles. Full Article
Volvo AB's Board Proposes Dividend
Volvo AB announced that the board of directors have proposed a dividend of SEK3 per share. Full Article
Volvo AB and Malardalen University to Collaborate
Volvo AB announced that the Volvo Group has appointed Malardalen University a Preferred Research Partner in the areas of production and embedded systems. Malardalen University previously collaborated with Volvo Construction Equipment and other parts of the Volvo Group on a variety of projects. The new agreement creates a long-term approach that makes it easier to take more joint research initiatives in the future. The collaboration is focused on the production and embedded systems such as used in vehicles to control, regulate or control the various functions. Full Article
Dongfeng Motor Group Co Ltd Announces Joint Venture With Volvo AB
Dongfeng Motor Group Co Ltd announced that on January 26, 2013, the Company entered into the Cooperation Master Agreement with Volvo (AB Volvo） for the establishment and operation of the Commercial Vehicles Co, a capital joint venture with Volvo. Pursuant to the Equity Transfer Agreement under the Cooperation Master Agreement,the Company has agreed to dispose and Volvo has agreed to purchase 45% of the Company's equity interest in the Commercial Vehicles Co for a consideration of approximately RMB5,608,000,000 (equivalent to approx HKD6,991,493,600).Immediately after the completion of the disposal, the Commercial Vehicles JVCo shall have a registered capital of approximately RMB 9,200,000,000, of which 55% and 45% shall be attributable to the Company and Volvo respectively. The respective rights and obligations of the Company and Volvo in connection with the joint venture company are regulated by the Joint Venture Contract under the Cooperation Master Agreement. The Commercial Vehicles JVCo is established under the cooperation between the Company and Volvo to develop medium and heavy duty commercial vehicles under the DONGFENG brand and to enhance the DONGFENG brand value and position. Upon completion of the Equity Transfer Agreement, the Commercial Vehicles Co shall be a 55%-owned subsidiary of the Company and its accounts shall be consolidated into the accounts of the Company. Full Article
Volvo AB Updates on Restructuring Changes-Dow Jones
Dow Jones reported that Volvo AB announced that the Volvo Group will record costs of approximately SEK 600 million in the fourth quarter of 2012 related to the previously announced reorganization of the European sales organization for trucks. The total cost for the entire reorganization, when announced in the report for the third quarter 2012, was estimated at SEK 900 million. The remaining costs are expected to be incurred in the first half of 2013. Full Article
UPDATE 3-NORDIC STOCKS - Factors to watch on May 17
(Adds Sanoma, Volvo, updates A.P. Moller-Maersk, FLSmidth)
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