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2016 a record-breaking year for Volvo sales

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Volvo Cars reported a record-breaking year in sales for 2016 with an increase of 6.2 percent compared to 2015 to 534,332 cars driven by solid growth in all major sales regions, including double-digit increases in its two largest markets, China and the United States, and a strong performance in Western Europe.

Sales of the new top-of-the-line 90 series cars were the main growth drivers globally, led by the Volvo XC90 large premium SUV for which sales rose 125 percent versus 2015, highlighting the success of the company’s new design and engineering direction and boding well for the future as more new models are revealed in the coming years.

Meanwhile, the evergreen XC60 mid-size premium SUV established another new annual sales record of 161,092 cars in its ninth year on the market, having increased sales every year since it was introduced in 2008.

Volvo’s largest markets

Volvo’s largest market in 2016 was China, with total sales of 90,930 cars, an increase of 11.5 percent. The best-selling models in the world’s largest car market were the locally-produced Volvo XC60 and S60L premium sedan.

In the United States, Volvo gained market share in 2016 with growth of 18.1 percent, making it one of the fastest-growing premium brands in a broadly flat market. Total sales for the year amounted to 82,726 cars, with the Volvo XC90 and XC60 leading sales performances.

Sales in Western Europe increased 4.1 percent, boosted by strong performances in key markets such as Germany, the United Kingdom, France and Italy. Total sales in the region amounted to 206,144 cars.

Continued global transformation

The new sales record in 2016 tops off another year in which Volvo Cars continued its global transformation and the repositioning of the brand to compete with its global premium rivals. During the course of the year, the company strengthened its leadership in areas such as autonomous drive (AD), electrification and safety, forged new business alliances, continued the renewal of its entire product range and expanded its global manufacturing footprint.

In 2016 Volvo continued construction work on a new USD500m manufacturing plant in South Carolina, its first in the United States. The plant will build new cars based on its modular Scalable Product Architecture (SPA) and will initially employ up to 2,000 people. The new plant in South Carolina underlines Volvo’s long-term and strong commitment to the United States.

Volvo Cars also unveiled a new manufacturing strategy for China in which production capacity will be increased and China will be developed into a global manufacturing export hub. Its top-of-the-range S90 models will be built in Daqing in northern China while existing and future 60-series cars will be built in Chengdu. Cars in its planned new 40-series, based on its Compact Modular Architecture (CMA), will be built at a plant under construction in Luqiao, 350 km south of Shanghai.

With the introduction of the V90 Cross Country premium estate in September 2016, Volvo completed the launch of a completely new 90 series line-up. These new cars have highlighted the transformational effect of the SPA platform in terms of design, technology and brand, a feat underlined by the over 120 awards won by the XC90 SUV.

In the coming years, Volvo Cars will continue to replace its entire model range. During the course of 2017, it will launch a completely new version of the successful XC60 mid-size SUV based on the SPA architecture, as well as the new XC40 compact SUV, the first in an all-new range of 40-series cars based on the CMA platform that underpins its global small car strategy.

Volvo Cars also last year announced one of the auto industry’s most comprehensive electrification strategies in which plug-in hybrids will be introduced across its entire range. It will also introduce its first fully-electric car by 2019. By 2025, Volvo aims to have sold a total of up to 1 million electrified cars.

New partnerships

New partnerships forged during 2016 also place Volvo Cars at the forefront of the significant change currently underway in the auto industry.

Volvo Cars and Uber agreed to set up and finance a joint development project that will develop and manufacture base vehicles on the SPA architecture, able to incorporate the latest AD technologies up to and including fully autonomous cars.

It also established a joint venture with Autoliv, named Zenuity, to design and develop AD software and advanced driver assist systems (ADAS) for sales to third party OEMs. Zenuity will be a new entrant in the fast-growing global market for autonomous driving software systems and marks the first time a leading premium car maker has joined forces with a tier one supplier to develop these systems.

Volvo Cars will in 2017 start the world’s most advanced and ambitious autonomous vehicle experiment in Gothenburg, with real families using AD XC90 cars in everyday life, paving the way for it to be a global leader in autonomous driving technologies. It will start similar tests with real people behind the wheel of its self-driving cars in London and China in the coming years as well.

As a result of these and other partnerships that are transforming its business model, Volvo Cars is no longer just a car maker, it is now a global premium mobility company.

Full-year retail sales status (deliveries to end customers) for Volvo Car Group is as follows:


2016 a record-breaking year for Volvo sales
 Source:bizcommunity

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COVA Insurtech Dissociates from COVA Wealthtech

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COVA Insurtech, a player in the InsurTech sector, has announced its formal dissociation from the activities of COVA WealthTech, effective immediately. This decision comes in the wake of COVA WealthTech’s announced cessation of operations on February 10, 2024.

These two (2) brands have historically been separate entities with distinct focuses within the tech landscape. While both companies share the COVA brand, they operated independently, each catering to specific market segments and addressing unique financial service needs.

The decision to shut down COVA WealthTech was taken in alignment with the evolving dynamics of the tech industry, and after a thorough strategic review by the leadership of COVA WealthTech. COVA Insutech was not involved in or influenced by the decision to cease operations of COVA WealthTech.

COVA Insutech wishes to reassure its clients, partners, and stakeholders that its operations remain unaffected by the closure of COVA WealthTech. The company remains committed to providing innovative and reliable InsurTech solutions, maintaining the high standards of service that its clients have come to expect.

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“We want to make it clear that COVA Insutech is a separate entity from COVA WealthTech, and our commitment to our clients and partners remains steadfast. We will continue to focus on delivering cutting-edge insurtech solutions and expanding our presence in the InsurTech sector”. says Bayo Adesanya, Founder & CEO, COVA Insurtech.

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aYo Holdings boosts executive team

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aYo Holdings Ivan Welch and Miles Bloemstein

African insurtech aYo Holdings has made two key C-suite appointments as it looks to accelerate its ambitious growth plans across the continent and into the South African market. The company has named Ivan Welch as its new Chief Customer Acquisition Officer and Miles Bloemstein as its Chief Operating Officer as part of its vision of becoming the largest insurance technology platform in Africa.

Welch, who has already been with aYo for four years, will be responsible for driving new customer acquisition through various distribution channels, with a specific focus on digital marketing and sales. His position will also include a commercial legal remit and administrative oversight, and support of the company’s subsidiary operations.

A 20-year veteran of the African insurance sector, Welch defines success as a world where every customer with a mobile phone has an aYo subscription, which would have been obtained through a simple few clicks or button presses on a mobile device. While approximately 46% of Africa’s population has access to and uses cell phone services, insurance penetration remains below 5% in most markets, except South Africa.

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“The industry has so much scope for development, as it is massively underserved in Africa. With aYo and our shareholders, MTN and Sanlam, I believe we have the right offering, platforms and ability to scale to serve this market,” he said.

Bloemstein joined aYo in July 2021.  He also has more than 20 years’ experience in the insurance industry, specifically in IT operations and related functions.  His new position will include him overseeing the day-to-day operations of the business, working closely with executive and product teams to grow the platform and its system and channel capabilities.

“We must constantly find ways to keep our clients engaged and be able to have access to insurance. Due to low disposable income levels, insurance adoption and trust in insurers, we are being challenged to produce ‘out of the box’ solutions to keep our clients engaged and active,” he said.

aYo Group CEO Marius Botha said Welch and Bloemstein’s expertise are key to the company’s drive to enable the distribution of affordable financial services products to people who have never had the opportunity to engage in financial services before. aYo launched in January 2017 in Uganda and has since expanded its operations across Ghana, Zambia, Côte d’Ivoire and Cameroon, with plans to launch operations in Nigeria and South Africa imminent.

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Fearless Energy Drink Backs Fanfaro Autofest 2022

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Fearless energy drink from the stable of Rite Foods Limited has made full preparation to support this year’s Fanfaro Autofest event as the headline sponsor. This is in its bid to make the platform bigger and more thrilling for car drifters, super bikers, and fun seekers in the ancient city of Ibadan from Friday, 2nd to Sunday, 4th December 2022.

The Managing Director and Chief Executive Officer, Fanfaro Oil Nigeria, Mr. Adekunle Olanrewaju, stated that the support from the Fearless energy drink is enormous hence the event is credited to it and dubbed “Fanfaro Autofest, Fearless Edition,” as the contestants will be rejuvenated with the brand’s positive energy and courageous spirit to actively showcase their talent in car drifting.

“It takes a lot for someone to align with your dream; it takes like minds to be part of it. The previous events have been successful, but now having the marketing leading; Fearless brand behind it, is a success even before the start of the event.  The brand also resonates with what the sport stands for, we are fearless, tough, energetic, and want to make it more exhilarating,” Olanrewaju explained.

He pointed out that with the Fearless brand behind the largest motorsport in the country, Nigerians should expect more exciting and action-packed sporting activities, as the product has been with Fanfaro from the planning stage to the exercise which takes a year to put together, and also for a refreshing moment with the trailblazer in the energy drink segment.

According to him, a Fearless brand raffle draw will be organised before the main event in November, where participants would be told to make a creative design with five empty bottles of the product, with the winners going home with exciting gifts.

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Commenting on the sponsorship, Rite Foods Head of Marketing, Olumide Aruleba, affirmed that the Fearless brand is very proud to throw its weight behind the sport, as it will bring into it the positive energy associated with the brand as a means to create the desired impact and make it a ground-breaking event. “We also want everyone to look forward to it,” he stated.

On her part, the Assistant Brand Manager of Fearless Energy Drink, Kanyisola Sangowawa, said the support from the product signpost is its connection with consumers in keeping them refreshed by providing the vigour needed while attaining their dreams or showcasing useful talents. She avowed that it takes a fearless spirit to support an action like the auto fest, which requires boldness, daring force, and strength in making it a success.

In his remark, the Fearless Brand Ambassador and the Face of Fanfaro Autofest, the Fearless Edition, Tobi Bakre, actor and a lead cast in the movie, Brotherhood, extolled the partnership between the Fearless energy drink and the motorsport, stating that both connects with a Fearless and reinvigorating force.

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