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Volvo makes the biggest recall in its history

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Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
More than 2 million cars recalled due to seat belts effectiveness.

If, in the first half of June, Ford recalled approximately 2.5 million cars due to some presumably faulty door latches, today, Volvo announced that it recalls roughly 2.1 million vehicles worldwide. It is a preventive measure as the company discovered that a steel wire connected to the front seat belts could be loose.   

The recalls aim at vehicles made between 2006 and 2019, which will be repaired at any Volvo retailer free of charge. Still, until now, the company didn’t have any incidents related to the issue. 

It is not the first recall that Volvo ever made, but it is the biggest ever for the brand. In 2019, 5,200 cars were recalled in Ireland due to a fire risk.

Since Volvo Cars was purchased from Ford by Geely in 2010, the company has been continuously focusing on safety for its passengers and environment, and as rumor has it, on the improvement of its image. Seven years after the acquisition, in 2017, it announced that starting from 2019, it will launch only fully electric or hybrid models as is preparing for "an era beyond the internal combustion engine." Moreover, it received the Better Plants Better Practice Award from the US Department of Energy for its efforts to prevent and reduce waste at several American facilities.

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Sources: markets.businessinsider.com, reuters.com, rte.ie


This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.