Exclusive-Volvo Cars to recall 40,000 electric SUVs over battery fire risk

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Dystopian AI report sinks payment and software stocks Gold prices rise on Trump tariff jitters; Russia sold gold holding in January These 2 chip stocks are new Top Picks at Citi Dow slides 700 points on Trump tariff turmoil, Nasdaq falls on AI research report (South Africa Philippines Nigeria) Exclusive-Volvo Cars to recall 40,000 electric SUVs over battery fire risk By Reuters Stock Markets Published 02/23/2026, 10:34 AM Updated 02/23/2026, 11:54 AM Exclusive-Volvo Cars to recall 40,000 electric SUVs over battery fire risk 0 0175 2.32% VOLCARb -4.00% By Marie Mannes STOCKHOLM, Feb 23 - Volvo Cars will recall over 40,000 of its flagship electric EX30 SUVs because their battery packs risk overheating, it told Reuters on Monday, a move that could dent the automaker’s hard-earned reputation for safety and cost it millions of dollars. The previously unreported recall involves replacing modules in the high-voltage battery packs of the compact SUV, a crucial model in Volvo’s push to compete with cheaper Chinese brands. Battery safety is a highly sensitive issue for EV makers and consumers. A total of 40,323 EX30 Single-Motor Extended Range and Twin-Motor Performance cars with these high‑voltage cells are affected, the Swedish automaker that is majority-owned by China’s Geely said in response to questions from Reuters. " We are now contacting the owners of all affected cars to advise them of next steps," Volvo said. Volvo Cars’ shares were down 4% following the Reuters report about the recall. In the rush to develop new EVs, some automakers have faced battery defects. In 2020, a fire risk forced General Motors to recall 140,000 Chevy Bolts with batteries supplied by South Korea’s LG Electronics, costing $2 billion to fix. Volvo’s battery issues come as the carmaker pursues a 1.9 billion dollar savings drive and deeper integration with parent Geely. The batteries were made by a Geely-backed joint venture, Shandong Ge...