Tag: Volvo

Volvo Considering Introducing Electric Truck to the Korean Market

| April 10, 2019

With the Moon administration wanting to phase out both nuclear and coal power what is going to power all these electric vehicles?:

Volvo Trucks, the world’s second-biggest heavy-duty truck maker after Daimler Trucks, may consider introducing a zero-emission vehicle in South Korea to meet the demand for environmentally friendly vehicles and to help further cement its leading status in one of its key markets, an executive of the Swedish company said Tuesday.
Volvo Trucks plans to begin producing fully electric trucks for commercial use in some European markets by the end of this year and to roll them out in North America next year.
“We have a number of markets that we are looking at (for the introduction of electric trucks). It is very clear that Korea is a very advanced market with the infrastructure being built up for electrical vehicles, and customers are adopting new technology,” Volvo Trucks International Vice President Anna Müller in charge of global sales operations said in an interview with Yonhap News Agency.

Yonhap

You can read more at the link.

North Korea Continues to Refuse to Pay Back Volvo $330 Million Debt

| October 26, 2017

Like I have said before I have little sympathy for these companies that lose money conducting business with North Korea.  Good luck trying to get this money back:

 

Sweden reminds North Korea twice every year about its 43-year-old debt to the publicly-funded Swedish Export Credit Agency (EKN), a government agency serving as credit insurer for company’s trade deals.

Back in 1974 North Korea began importing equipment from Western industrialized countries to expand its access to foreign capital and technology. The country promised to pay their creditors either with future production or mining products, but it soon became clear the regime had no intention of honouring its debts.

An original order of 1,000 Volvo 144 model and other mechanical equipment from Swedish companies worth the equivalent of $73 million has been left unpaid and over the last four decades has quadrupled to around $330 million.

North Korea is the biggest debtor to the Swedish agency, as the EKN end of year 2016 report show. EKN says it has has agreements with all 13 countries that have outstanding claims, with the exception of Syria, Venezuela and Zimbabwe.

“During the year the countries with which there are agreements have paid under these. The exception is North Korea, where interest has been capitalised for many years but practically no payments have been made,” the report reads.  [Newsweek]

You can read more at the link.