Volvo Car AB (OTC: VLVLY) is recalling nearly 72,000 units of its new electric EX30 model due to a software issue.
What Happened: The recall affects EX30 produced since January, with a glitch causing the speedometer to enter test mode upon startup, The Wall Street Journal reported on Monday. The issue requires an over-the-air software update to fix, according to Volvo’s statement.
The problem, initially reported by the Swedish website Carup, is a setback for Volvo, which has faced software challenges with its computerized vehicles. Last year, the launch of the EX90 model was delayed due to software issues.
Volvo confirmed that no other models are affected and no accidents or injuries have been reported. Despite the recall, the EX30 remains popular, being the second most-sold battery-electric vehicle in Europe as of April.
Volvo also addressed claims that shifting EX30 and EX90 production from China to Belgium was to avoid potential EU tariffs on China-made EVs, denying such intentions.
Why It Matters: The EX30, launched in June 2023 in Milan, Italy, was introduced with advanced features like the new generation of Park Pilot Assist, which was intended to make parking easier in various spaces. The vehicle was priced competitively at around €36,000 ($38,500), making it an attractive option for consumers looking for electric alternatives.
Volvo’s recall of the EX30 comes at a time when the company is making significant strides in the electric vehicle (EV) market. Earlier this year, Volvo announced a partnership with Breathe Battery Technologies to reduce EV charging times by up to 30%. This collaboration aims to enhance the charging efficiency of Volvo’s EVs, making them more competitive in the market.
Image by Oasishifi via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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