The auto manufacturer reported nearly $3 billion of profit in Q1, a 24% increase from that period in 2023.

Two prior votes at the factory, including in 2019, had failed, but attitudes toward organized labor in the U.S. appear to be shifting.

Geely said the divestment is “in accordance with its long-term strategy” and that it will remain Volvo’s second-largest investor.

The carmaker will use machines with about 6,000 tons of force to make the rear floors of EVs to be sold from fiscal 2027 onward.

In February, the White House said it was opening an investigation into whether Chinese cars pose a national security risk.

While welcome from a sustainability perspective, the shift to electric vehicles creates challenges for companies that supply traditional components and the original equipment manufacturers that rely on them.

Ford shared that it will be "retiming" its planned EV launches at its Ontario plant, while pivoting toward a focus on hybrid offerings. 

The Elon Musk-owned EV company handed over less than 387,000 cars in the first three months of 2024, down 8% year-over-year.

An EU investigation revealed the two companies fixed prices of medium and heavy-duty vehicles over 14 years, leading to large fines in 2016 and 2017.

The move is another step in Renault chief executive officer Luca de Meo’s efforts to boost local output at a time of transformation for the automotive industry.