Companies

Volvo Cars to slash costs worth billions following weaker performance
April 29, 2025
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Volvo Cars to slash costs worth billions following weaker performance

Swedish automaker Volvo Cars will cut SEK 18 billion (€1.7 billion) in costs after its first-quarter operating profit plunged to SEK 1.9 billion from SEK 4.7 billion a year earlier. The group, owned by China’s Geely, blamed planned inventory reductions, global industry turbulence, currency swings and looming U.S. tariffs. A “cost and cash action plan” will trim investment and involve job cuts, while Volvo shifts focus to expanding U.S. production and withdraws forward financial guidance amid economic uncertainty.

Volkswagen, BMW overtake Tesla in European EV sales
April 29, 2025
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Volkswagen, BMW overtake Tesla in European EV sales

Tesla’s battery-electric vehicle (BEV) registrations in Europe plunged 44% in February, dropping its market share to 9.6%, the weakest February performance since 2020, as model changeovers, political controversies surrounding Elon Musk, and intensifying competition from legacy and Chinese manufacturers dent demand. Volkswagen and BMW both sold around 19,000–20,000 BEVs far outpacing Tesla’s sub-16,000 while Chinese brands led by BYD and Polestar also eclipsed the U.S. carmaker in overall volumes.

Drugmaker AstraZeneca shifts more production to US amid Trump tariffs
April 29, 2025
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Drugmaker AstraZeneca shifts more production to US amid Trump tariffs

AstraZeneca announced it will relocate the manufacture of certain drugs sold in the US from its European sites to its eleven American facilities. The move is designed to insulate the company from potential tariffs on pharmaceutical imports and follows President Trump’s recent broad threat of levies on European goods. CEO Pascal Soriot warned that Europe risks losing high-value manufacturing and research jobs unless it boosts spending on new medicines.

Computing giant IBM to invest $150bn in US over 5 years
April 28, 2025
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Computing giant IBM to invest $150bn in US over 5 years

IBM has pledged a $150 billion investment in the United States over five years $30 billion of which will fund R&D in mainframe and quantum computing to reinforce its domestic manufacturing and advanced‐computing leadership amid renewed calls by the White House for on-shore investment.

M&S cyber crisis wipes almost £700mn off retailer’s valuation
April 28, 2025
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M&S cyber crisis wipes almost £700mn off retailer’s valuation

A suspected ransomware attack has disrupted Marks & Spencer’s IT systems for nearly a week, forcing the suspension of online clothing and homeware orders, delaying click-and-collect services, and crippling contactless payments. The chaos has knocked around £678 million off M&S’s market value and led to temporary furloughs at its main distribution centre. Retail experts warn competitors will seize short-term gains, while M&S works with the National Cyber Security Centre and the Information Commissioner’s Office to restore operations.

VW and Uber to Launch Robotaxi Fleet in the USA
April 27, 2025
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VW and Uber to Launch Robotaxi Fleet in the USA

Volkswagen and Uber have announced a partnership to develop a fleet of autonomous electric vans for the US market. Thousands of VW ID.Buzz-based robotaxis are expected to operate over the next decade, with test drives starting later this year and commercial services launching in Los Angeles in 2026.

Lyft Expands into UK and Europe with FREENOW Acquisition
April 27, 2025
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Lyft Expands into UK and Europe with FREENOW Acquisition

Lyft has announced it will acquire European ride-hailing platform FREENOW for approximately €175 million. The deal, expected to close in late 2025, marks Lyft’s entry into Europe and aims to expand its operations into 11 countries. Lyft plans to build on FREENOW’s strong local presence, improve customer and driver experiences, and bring more taxi rides online across key European cities.

Swiss pharma giant Roche pledges to invest €47bn in the US
April 27, 2025
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Swiss pharma giant Roche pledges to invest €47bn in the US

Roche has announced plans to invest $50 billion (€47 billion) in the United States over the next five years, creating more than 12,000 jobs. The move comes amid pressure from the Trump administration to boost foreign investment in the US following sweeping tariff announcements. Roche’s investment will expand its R&D and manufacturing footprint across several US states, reinforcing its commitment to the American market.

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