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  • R3, Enterprise Blockchain Provider Announces Expansion in Thailand with Bangkok Bank

    R3, Enterprise Blockchain Provider Announces Expansion in Thailand with Bangkok Bank

    R3, the enterprise blockchain software firm, will expand its presence in Thailand following the renewal of its partnership with Bangkok Bank. The expansion will see an increase in R3’s workforce in Thailand, underscoring R3’s commitment to the Thai market and its local partners. 

    “Thai enterprises are at the forefront of innovation, digital transformation and blockchain adoption and R3 is proud to support the nation’s digital industry transformation,” said Amit Ghosh, Head of APAC, R3. “We’ve had a long standing relationship with Bangkok Bank and collaborated with various large-scale blockchain projects, including Project Inthanon-Lionrock and Contour—as such, we are excited to continue our partnership with Bangkok Bank and to support their ongoing commitment to improving their service offering through the use of emerging technologies.”

    Highlighting R3’s commitment to the Thai market and local partners, the partnership renewal with Bangkok Bank coincides with R3’s recent expansion of its local workforce—consisting of in-market sales and pre-sales roles in Thailand. 

    “As we see new opportunities and innovations coming from Thailand, and as we continue to work with some of the Thai ecosystem’s largest actors—we want to ensure that we have the appropriate resources in place to continue providing our partners with transformative tools to meaningfully improve their business. The partnership renewal with Bangkok Bank, together with our recent in-market hires, demonstrates R3’s commitment to support our current and future partners in Thailand,” Ghosh added.

    Through its partnership with R3, Bangkok Bank will have the ability to leverage R3’s flagship enterprise blockchain platform, Corda Enterprise, to streamline business operations across its trade finance, capital markets, and supply chain businesses. Bangkok Bank is also planning to ramp up Corda training for their internal teams and is exploring new Corda-based solutions within the trade, payments and supply chain space. 

    “It is almost five years since we first met with Dave Rutter and his leadership team in New York. At that time we were impressed by their open minded and collaborative approach to developing the potential of distributed ledger technologies. The decision to develop Corda as a DLT solution to meet the requirements of financial services was visionary. In 2021 we are seeing growing interest from our corporate clients in deploying enterprise blockchain solutions tailored to their industry-specific needs,” said Ian Guy Gillard, Senior Executive Vice President at Bangkok Bank and R3 board advisor. “Consequently, we have renewed our annual subscription of Corda Enterprise for the full licensing plan. We are also delighted that R3 has shown their confidence in the Thai market by adding presence on the ground with the local office. This is even more important in uncertain times such as this when travel is restricted,” Gillard added.

    Bangkok Bank has cemented itself as a leader in blockchain innovation and is a founding member of Contour, a blockchain-based open industry platform to create, exchange, approve, and issue Letters of Credit L/C on Corda. In September 2020, Bangkok Bank used Contour to facilitate an L/C transaction between a subsidiary of Thailand-based PTT Group and a Vietnam-based trading partner in September 2020, greatly reducing L/C issuance time by over 95%. The most recent success extends the bank’s collaboration with leading local and global partners in the ecosystem. The bank collaborated with SCG Chemicals, a manufacturer of petrochemical products and GC Marketing Solutions Limited, the chemical flagship of PTT Group under GC Group, to facilitate their L/C transactions with their partners via leading local banks in Vietnam. The bank also joined with Pacific Containerbag Co., Ltd. to facilitate the company’s transactions with corporate partners in Oman, opening and receiving L/C, supporting both import and export customers. Bangkok Bank has plans to go-live with Contour and implement L/C transactions under the Contour network within its ecosystem.

  • Jaguar I-Pace India Launch Rescheduled, Dealer Network Gets Charging Stations Ahead Of Launch

    Jaguar I-Pace India Launch Rescheduled, Dealer Network Gets Charging Stations Ahead Of Launch

    The Jaguar I-Pace was originally scheduled for launch on March 9. However, the company has now announced that the wait will be a tad longer by a few weeks with the launch rescheduled to March 23, 2021. The I-Pace will be India’s second luxury electric offering after the Mercedes-Benz EQC and is likely to be priced around ₹ 1 crore (ex-showroom) mark. On the bright side, Jaguar Land Rover India also announced that 22 of its dealerships across 19 cities are ready with charging stations to support the brand’s first electric offering.

    JLR India says the retailer charging infrastructure extensively covers the metro cities and key urban hubs across the country. In addition, the dealer staff has been trained by the automaker on EVs, which enable them to answer all queries and concerns of the customer.

    Rohit Suri, President & Managing Director, Jaguar Land Rover India said, “Electric Vehicles will not just be a new mobility solution, but owning one will also be a new ownership experience. We recognise this and have worked relentlessly with our Retailers to ensure that owning an EV is truly a hassle-free experience for our customers.”

    At present, about 35 EV chargers have been installed at JLR dealerships pan India and the company is in the process of installing more. In addition, the Jaguar I-Pace can be charged Tata Power’s EZ Charge Network with over 200 charging points across the country located at malls, residential complexes and highways. In addition, Jaguar India will set-up a 7.4 kW AC wall-mounted charger for customers using a domestic charging cable.

    The Jaguar I-Pace marks a new era for the automaker, which plans to go all-electric by 2025. The model will be powered by twin electric motors developing 394 bhp and 696 Nm of peak torque. The range stands at 480 km on a single charge from the 90 kWh lithium-ion battery. 0-100 kmph comes up in 4.8 seconds. The electric offering will be available in three variants – S, SE, and HSE.

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  • Foot Locker Celebrates Youth and Sneaker Culture in Hong Kong with New Store Opening

    Foot Locker Celebrates Youth and Sneaker Culture in Hong Kong with New Store Opening

    Foot Locker, Inc., the leading global destination for speciality athletic-lifestyle footwear, apparel and accessories, has opened a new Power Store in Hong Kong.

    The new store, located in Gala Place, Mong Kok offers visitors a unique single level destination. This is the retailer’s 6th location to open in Hong Kong –– set to bring an engaging retail experience with premium product and elevated in-store presentations to enhance customer experience. The design celebrates basketball culture with a signature multi-branded basketball collection and area dedicated to the game. The store boasts dedicated women’s and kids areas and a studio and events space, to host brand partners and local influencers (pending COVID-19 restrictions).

    With impressive footwear and apparel collections from global brand partners, including Nike, Jordan, adidas, Puma, Converse, New Balance, Under Armour and streetwear brands including Chinatown Market and Carrots, customers can expect immersive experiences and elevated product storytelling for every occasion. The store will also provide men, women and kids lines for the sneaker obsessed and provide access to the largest selection of Nike Air Max Plus (TN’s) available in market.

    Mong Kok is a neighbourhood known for its vibrant sneaker scene and is a melting pot of cultures, a place where young Hong Kong people pursue their passion and express themselves. The store features specially commissioned artworks –by four local artists Way Fung @digiway, Stanley Wong @Sneakerconcept, Brian Liu @824Hachi and Zoie Lam @Zlism, inspired by Mong Kok and its relationship to sneaker and basketball culture. It also sets the tone for how Foot Locker will tailor the store to the local community.

    Commenting on the new store, Tomas Petersson, GM and VP, Foot Locker Asia, said, “We couldn’t be more excited for our store opening in Mong Kok. This has been a dream come true to have a store in this area where sneaker-style is so inspired and alive in the streets and really around every corner. This is our 6th store opening in Hong Kong – first in Kowloon and now in this store – we can’t wait to get to know our consumers and celebrate sneaker culture together.”

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  • Centara unveils world’s second family-centric Centara Mirage waterpark

    Centara unveils world’s second family-centric Centara Mirage waterpark

     Centara Hotels & Resorts, Thailand’s leading hotel operator, expands its popular family-themed resort brand with the world’s second Centara Mirage, opening in a popular beach destination in southern Vietnam.

    Located a few hours’ drive from Ho Chi Minh City, Centara Mirage Resort Mui Ne will be a Spanish Mediterranean themed waterpark resort inspired by nautical adventures and voyages of discovery.

    Opening in late April 2021, the 984-key resort will infuse the guest experience with elements of fantasy, wonder and awe. Fantastic family-friendly facilities include diverse dining, an observatory tower café, separate playgrounds and Kids’ Clubs for younger and older children, Cenvaree Spa, and the world’s first Spa Candy, a wellness destination designed specifically for children. The resort’s waterpark will feature a lazy river, water slides, splash pool, cliff jumping pool and kids’ pool, ensuring children enjoy endless days of excitement and fun.

    Centara Mirage has become hugely popular in Thailand following the success of Centara Grand Mirage Beach Resort Pattaya, which opened in Pattaya in 2009 and is still widely regarded as Thailand’s top family resort today.

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  • Steel industry expected to recover this year

    Steel industry expected to recover this year

    Vietnam’s steel industry is expected to recover this year with rising export orders, thanks to improved global demand and surging domestic consumption.

    Market leader Hoa Phat Group last month exported over 12,000 tonnes of products, mostly cold-galvanized steel, to North and South America.

    This followed an export of 10,000 tonnes in January to Belgium and Spain.

    The company targets producing 300,000-400,000 tonnes of steel products this year, 30-40 percent of which are likely to be exported.

    Its competitor Hoa Sen Group last month set a new export record of 121,000 tonnes of galvanized steel worth more than $100 million. The group has a network of over 85 countries and territories, with main markets being the U.S, Mexico, Europe, and Southeast Asia.

    Vietnam’s steel industry is expected to see growth of 5-6 percent this year, with global demand set to rise by 4.1 percent thanks to a recovery in developed markets, according to the Vietnam Steel Association (VSA).

    Other drivers for growth include expectations of rising public investment in infrastructure, the recovery of the real estate market and more foreign direct investment, said VSA deputy chairman Trinh Khoi Nguyen.

    The industry started 2021 strongly, with a 61 percent year-on-year rise in production volume to 2.65 million tonnes.

    Domestic sales in the period rose 55 percent to 2.12 million tonnes, while exports rose 53 percent in value to $553 million.

    These figures indicate robust recovery prospects this year after VSA saw half of its members reporting plunging revenues last year, especially in the first and second quarter, due to Covid-19 impacts.

    However, trade officials have warned that rising safeguard measures could hurt the industry.

    Last month, Indonesia imposed an anti-dumping duty of 3.01-49.2 percent on Vietnam cold steel sheets.

    In January, Malaysia revised duties on cold-rolled coils of alloy and non-alloy steel from Vietnam to 7.42-33.7 percent for the period between January 24 and May 23.

    The U.S. and Canada have also slapped anti-dumping duties on Vietnam’s steel products in recent years.

    The Trade Remedies Authorities of Vietnam has advised local steelmakers to diversify their markets to avoid being punished with such duties.

    Nguyen Thi Thu Trang, director of the Vietnam Chamber of Commerce and Industry’s (VCCI) WTO Center, said that steel producers need to prepare themselves with knowledge of regulations on international safeguard measures and cooperate with other countries’ trade authorities to resolve issues.

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  • Ford recalls nearly 2,500 vehicles to update engine software

    Ford recalls nearly 2,500 vehicles to update engine software

    Ford Vietnam has issued a recall order of 2,470 Ranger and Everest vehicles to update the software in the transmission control module (TCM) and powertrain control module (PCM).

    The recall program will begin on March 16 this year and last until March 15, 2023.

    The affected vehicles were produced between September 2019 to February 2020 in Thailand and imported by Ford Vietnam for distribution in the local market.

    According to the company, the issues could cause problems for transmission oil pumps, which can lead to torsional vibrations while the engine accelerates and decelerates and lead to transmission malfunction, increasing the risk of collision.

    Authorized dealerships will provide free inspection and repair and the whole process will take about two hours to complete.

    Ford Vietnam said it will still carry out the replacement for drivers of Ford Ranger and Ranger Raptor models imported to the country by the Ford Motor Company.

    Ford sold 24,663 vehicles last year, accounting for 8.7 percent of total car sales, according to the Vietnam Automobile Manufacturers Association.

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  • Big C brand name to be fully replaced by Tops Market, GO!

    Big C brand name to be fully replaced by Tops Market, GO!

    Retail chain Big C plans to rebrand all its outlets as Tops Market or GO! this year, laying the Big C name to rest after 22 years in Vietnam.

    Thailand’s Central Retail, its owner, began the process on March 1 by changing the names of three Big C outlets in HCM City, in An Phu and Thao Dien in District 2 and Au Co in Tan Phu District, to Tops Market.

    The four stores in Hanoi in Tu Liem, Ha Dong, Thanh Tri, and Thanh Xuan districts will be renamed soon.

    By the end of last year five Big C hypermarkets in Nha Trang City, Can Tho and Ha Long cities and Binh Duong and Vinh Phuc provinces had their names changed to GO!.

    The company said the rebranding is meant to create a new look and upgrade its shopping space.

    Central Group bought Big C Vietnam from France’s Casino Group in 2016 for over $1 billion.

    From 2022, the Big C brand will only exist in Thailand, where it is owned by TCC Group led by tycoon Charoen Sirivadhanabhakdi.

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  • Central province seeks approval for 2nd casino

    Central province seeks approval for 2nd casino

    Khanh Hoa authorities have recommended the issue of a license for Vinpearl Company to build a $2.24-billion casino in the central province.

    The casino is proposed to be built on Hon Tre Island near famous beach town Nha Trang along with tourism and amusement components.

    It requires approval from the Politburo, which is at the apex of the Communist Party, and government. If approved it will be the second in the province after an earlier, $2.02-billion casino received the green light in 2019.

    The Ministry of Finance said an assessment needs to be done on the impacts of the proposed casino on local tourism and socio-economic growth.

    The government has for long treated gambling as a social evil and prohibited Vietnamese from entering casinos.

    But in January 2019 it opened certain casinos to Vietnamese as part of a three-year trial and will continue to do so on a case-by-case basis.

    Vietnamese who want to gamble in a casino must be over 21, earn a minimum of VND10 million ($430) a month and have no criminal record or objections from their family.

    A group of casino owners recently sought the government’s permission to let Vietnamese in to make up for foreigners’ absence due to the Covid-19 international travel restrictions.

    Vietnam has eight casinos which earned revenues of VND2.5 trillion in 2019, according to Ministry of Finance data.

  • Japan Billionaire Launches Recruitment for Moon Travel

    Japan Billionaire Launches Recruitment for Moon Travel

    Japnese billionaire entrepreneur Maezawa Yusaku is once again tapping into the public sphere to further his personal pursuits, this time for the recruitment of co-travelers in a trip around the moon.

    Eight crew members will be chosen for a private SpaceX flight around the moon in 2023, according to the founder of Japanese digital retail giant Zozo in a video posted on Twitter.

    Including Maezawa himself, the six-day trip will involve 10 to 12 people in total. Screening of applicants kicks off on March 21 with the final interviews and medical check targeted for May.

    According to Maezawa, the crew members will be selected based on how they use the trip to «push the envelope» in their respective fields and their willingness to support fellow crew members.

    Maezawa added that he was looking for people of all backgrounds and that that he hoped they would make the trip «fun» together.

    This is not the first time that the high-profiled Maezawa has attracted public interest.

    Last year, he randomly selected 1,000 of his Twitter followers to donate more than $9,000 each to test for actual boosts in happiness from monetary gains. In 2017, he paid $110.5 million for 1982 Jean-Michel Basquiat painting Untitled – an amount that broke his last record set in May 2016 for a mother untitled Basquiat valued at $57 million.

  • DBS Loan to Spur Green Solutions in Maritime Industry

    DBS Loan to Spur Green Solutions in Maritime Industry

    The bank has issued a sustainability-linked loan to Sembcorp Marine, which references the Singapore Overnight Rate Average.

    The $500 million sustainability-linked financing facility, believed to be the industry’s first, will help steep the maritime giant to cleaner, greener and renewable energy solutions, the two sides announced in a joint statement on Thursday.

    The loan’s interest rate comprises a compounded daily SORA rate calculated in arrears and an applicable margin. The loan features interest rate discounts linked to pre-determined Environmental, Social and Governance (ESG) targets, which are aligned with Sembcorp Marine’s performance targets set out in the group’s sustainability report.

    The inclusion of green financing dovetails with our strategic transformation and pivot since 2015 to provide innovative engineering solutions to the global offshore & marine and energy industries, William Goh, Sembcorp Marine’s group finance director, said.

    In 2019, some S$530 million of Sembcorp Marine’s projects were related to green solutions. The company has also introduced more green features in its operations, such as the use of solar energy to reduce emissions.

    As a purpose-driven bank, we believe financial institutions have a strategic and pivotal role to play in proactively supporting industries’ work towards a lower-carbon future, Dorian Delteil, DBS head of oil and gas, said.

    DBS recently raised its commitment to finance S$50 billion in renewable, clean energy and green projects by 2024, up from S$20 billion previously.

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  • Chinese Telecoms Firm ZTE Preparing Electric Vehicle Product Line

    Chinese Telecoms Firm ZTE Preparing Electric Vehicle Product Line

    Telecoms equipment maker ZTE Corp is joining a number of Chinese technology companies entering the electric vehicle market as it looks to build a team for a new product line, a company spokeswoman told Reuters.

    The Shenzhen-based company did not say whether the product line will supply parts for partner companies, or whether the company would be producing its own branded vehicles.

    Chinese technology firms have been stepping up their focus on electric vehicles (EVs) in the world’s biggest car market, as Beijing promotes greener vehicles as a means of reducing air pollution.

    Earlier this month Reuters reported that ZTE’s rival Huawei Technologies Co Ltd is planning to make EVs under its own brand and could launch some models this year.

    A Huawei spokesman denied it had EV ambitions of its own, beyond supplying technology to partners.

    Asian technology companies, including Baidu, have announced plans to make their own cars, while Shenzhen-based dronemaker DJI is building an engineering team to work on self-driving technologies.

    Sales of new energy vehicles (NEVs), including pure battery electric vehicles as well as plug-in hybrid and hydrogen fuel cell vehicles, are expected to make up 20% of China’s overall annual auto sales by 2025.

    Industry forecasts put China’s NEV sales at 1.8 million units this year, up from about 1.3 million in 2020.

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  • Volkswagen’s Market Value Crosses 100 Billion Euro Mark For The First Time Since 2015

    Volkswagen’s Market Value Crosses 100 Billion Euro Mark For The First Time Since 2015

    When the market value of Germany’s Volkswagen briefly rose above the 100-billion-euro mark on Wednesday for the first time since 2015, the boss of the normally staid carmaker took to Twitter, Elon Musk-style, to crow about it.

    VW shares soared as much as 6% after investment bank UBS raised its price target on the stock by 50% and said the company’s new electric vehicle platform was set to challenge Tesla’s dominance in the battery electric vehicle (BEV) market.

    Herbert Diess, chief executive of VW Group, highlighted the UBS note on Twitter and shared the market capitalization milestone.

    “The market has been waiting for our #BEV-ramp-up and wanted to see some proof points,” Diess posted.

    Traders reacted with comparisons to Tesla chief Elon Musk who frequently uses Twitter to talk up products developed by his companies, cryptocurrencies or other buzzing technologies.

    The comparison, at least for now, must end there.

    Diess sent his first tweet using the “@Herbert_Diess” handle less than two months ago and has since tweeted 51 times. While he has managed to amass almost 25,000 followers in this time, Musk can boast of 48.3 million.

    “The sheer fact that he started his own account apart from the official VW account tells me, that between the lines he wants to express: We are here,” a Germany-based trader said.

    Though unrelated and more a market-moving tweet, another trader highlighted instances of a probe by the U.S. Securities and Exchange Commision on Musk’s tweet in 2018 that he was considering taking Tesla private at $420 a share.

    But despite recent share price gains — up 20% this year — VW’s market capitalization is just one-sixth that of Tesla. Shares trade 7.5 times 12-month forward earnings; possibly its role in the EV transition is not fully priced.

    Despite recent share price gains – up 20% this year – VW’s market capitalisation is just one-sixth that of Tesla

    Tesla meanwhile trades at 160 times 12-month forward earnings, levels many consider bubble-like.

    On the market capitalization gap, UBS said VW’s only takes into account its EV business out to 2025, and doesn’t price its cash flow-rich legacy business, indicating there is room for the share price to rise.

    It added that VW would likely “master” the transition to close the volume gap with Tesla in 2022.

    At 300 euros, UBS has the most bullish price target on VW. Analysts’ median price target on its shares was 191 euros, according to Refinitiv data.

    Preferred shares, which are listed in Germany’s benchmark DAX index, hit January 2018 highs on Wednesday, while ordinary shares rose as much as 5.6% to their highest since July 2015, two months before the diesel scandal broke.

    VW closed 4.7% higher at 185.18 euros per share on the day, taking its market value to 99 billion euros.

  • Jack Ma no longer China’s richest man after coming under Beijing’s scrutiny

    Jack Ma no longer China’s richest man after coming under Beijing’s scrutiny

    Alibaba and Ant Group founder Jack Ma has lost the title of China’s richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators.

    Ma and his family had held the top spot for China’s richest in the Hurun Global Rich List in 2020 and 2019 but now trail in fourth place behind bottled water maker Nongfu Spring’s Zhong Shanshan, Tencent Holding’s Pony Ma and e-commerce upstart Pinduoduo’s Collin Huang, the latest list showed.

    His fall out of the top three comes “after China’s regulators reined in Ant Group and Alibaba on anti-trust issues,” the Hurun report said.

    Ma’s recent woes were triggered by an October 24 speech in which he blasted China’s regulatory system, leading to the suspension of his Ant Group’s $37 billion IPO just days before the fintech giant’s public listing.

    Regulators have since tightened anti-trust scrutiny on the country’s tech sector, with Alibaba taking much of the heat; the market regulator launched an official anti-trust probe into Alibaba in December.

    Chinese regulators also began to tighten their grip on the fintech sector and have asked Ant to fold some of its businesses into a financial holding company to be regulated like traditional financial firms.

    Ma, who is not known for shying away from the limelight, then disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged in January with a 50-second video appearance.

    China’s current richest man, Zhong, made his first appearance at the top spot with a fortune of 550 billion yuan (US$85 billion), largely thanks to the share price performances of Nongfu Spring and vaccine maker Beijing Wantai Biological Pharmacy Enterprise, which he also controls.

    Tencent’s Ma saw his wealth swell 70 percent over the year to 480 billion while Pinduoduo’s Huang’s fortune grew 283 percent to 450 billion yuan, the list said. In comparison, the wealth of Ma and his family grew 22 percent, to 360 billion yuan.

    Zhang Yiming, founder of TikTok owner ByteDance, broke into the top five rankings among Chinese billionaires in Hurun’s Global Rich List for the first time, with an estimated personal wealth of $54 billion.

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  • Bulgari enters Vietnam with a comeback

    Bulgari enters Vietnam with a comeback

    Italian luxury house Bulgari has opened its first brick-and-mortar store in Ho Chi Minh City, marking its comeback in the country.

    Spanning 194sqm, the Bulgari Vietnam store is located at Union Square shopping centre, featuring the brand’s full range of jewelry, including its famous Serpenti rings, bracelets and necklaces.

    Bulgari first entered Vietnam in 2014 via local distributor Imex Pan Pacific Group and operated until March 2019. In this comeback, the brand set up a member company named Bulgari Vietnam in the country for direct import and distribution.

    According to the brand’s spokesperson, Vietnam is considered as a potential market for the luxury sector due to stable economy and rapid growth. According to data company Statista, Vietnam’s luxury goods market is estimated to reach US$1.14 billion this year and achieve 7.17 per cent growth annually until 2025.

    “We believe this is a good time to bring the brand back to Vietnam,” said the spokesperson. “Overcoming current obstacles will help us to reach a potential customer base that in normal circumstances, they would shop our products overseas.”

    Due to the on-going Covid-19 situation in the country, the brand operated without any launching event.

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  • Volvo To Produce Only Electric Vehicles By 2030

    Volvo To Produce Only Electric Vehicles By 2030

    Chinese-owned Swedish automaker Volvo said Tuesday it will produce only electric vehicles by 2030 and sell them all exclusively online. Volvo is among a growing crop of companies planning to ditch fossil fuel vehicles in the next few years, as demand for zero-emission cars rises and governments put pressure on firms to cut pollution. Indian-owned Jaguar said last month it would produce only electric vehicles from 2025, while US auto giant Ford said it would aim to have an all-electric fleet in Europe by 2030.

    “The company intends to only sell fully electric cars and phase out any car in its global portfolio with an internal combustion engine, including hybrids,” Volvo said in a statement. The company said half of its cars should be electric in 2025, with online sales accounting for half of its volume.

    China’s Geely Holding bought a struggling Volvo Cars in 2010 from Ford and has since helped it enjoy a renaissance as a maker of high-quality vehicles. However, last month Geely Auto said it would not go ahead with a planned merger with Volvo but the two companies would instead reinforce their collaboration on electric vehicles. Volvo is due later Tuesday to unveil its second all-electric vehicle, a C40 SUV, and is readying a smaller model especially suited for European road conditions.

    The company says its move to online sales will provide more transparency on pricing and options for its customers. “If you ask people it is quite a big irritation that you don’t have a clear picture of the price,” company boss Hakan Samuelsson said.

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