John Maloney Keynote
John Maloney Keynote
104th Chicago Auto Show
Feb. 8, 2012
• Good Morning and thank you for having me here today.
• It feels great to be here in Chicago to kick off the 104th edition of the auto show, as we celebrate a strong 2011 for the car industry and anticipate an even better 2012.
• And that puts a smile on my face for two reasons: Not only am I here to share some of the many reasons why Volvo is the fastest-growing luxury brand in America, but I personally feel at home here at the Chicago Auto Show ... because Chicago is home.
• See, I’m a Loyola Academy grad who grew up in Morton Grove ... only about 20 minutes away in the northern suburbs ... and then on to Purdue University.
• My family always took special trips downtown — Soldier Field, the Museum Complex, McCormick Place. These were regular stops for us.
• Even though we were nearby, each trip downtown was special because it was like venturing into a familiar but different world full of tall buildings, busy streets, bustling neighborhoods … and, of course, we also got to enjoy a lot of good food!
• The Chicago Auto Show was an annual tradition for my family and it spurred my love for cars — especially muscle cars.
• In fact, while I was in college, I drove a 1973 Plymouth Duster 340. Loaded with torque, it was a four speed with American Racing wheels. Today, my tastes in power and performance are unchanged — only with Swedish muscle and the S60 R-design that I drive.
• My heart still jumps when I think about the beautiful growl it made ripping down the highway!
• I point that out because it’s something we all can relate to ... We all have an affinity for cars. Every one of us has a car story to tell — and the Chicago Auto Show is where many of those stories are born for thousands of visitors each year.
• For that reason and others, it’s really a good time to be here. You can feel the enthusiasm all around us.
• It’s indicative of the widespread excitement, high energy and dynamic innovation throughout the auto world.
• (Pause)
• In contrast, that’s quite a different picture from the snapshots of our recent past.
• Just less than three years ago, our overall health was diminishing. And except for a few brands and specific segments that still managed to do well, the prognosis for the auto industry wasn’t always good.
• But that’s changing.
• For sure, many of us hoped for but few of us could really imagine the level of optimism we are currently feeling and experiencing in the U.S. auto industry. It’s an incredible time to be associated with cars, as we’re making better, more energy efficient and absolutely beautiful vehicles.
• So it’s fitting that the nation’s largest and longest-running auto show serves as a platform to communicate that this industry — in particular, the U.S. auto industry — is on very solid footing ... by showcasing the fun, dynamic, customer-centric products we all see and enjoy here in Chicago.
• In the broad picture, the auto industry is positioning for strong days ahead ... led by advances in technology; vehicles that address the lives and purchasing decisions of consumers; and an overall vision to adapt more quickly to an ever-changing marketplace.
• As a whole, the industry saw solid growth last year with additional growth projected in 2012. In fact, the 2012 industry sales projection is now about 13.7 million cars – and in January the industry ran at an even higher pace, a 14.1 million annualized rate. That’s up from 11.5 million in 2010 and 10.4 million in 2009, the worst year since 1982.
• At Volvo alone, we were up 25 percent domestically and 20 percent globally, making this the best percentage improvement of any luxury, premium brand.
• While those are encouraging trends, there are some key economic indicators driving this forward movement — signs to which we must continue to pay attention if we want to maintain this kind of momentum as an industry.
• First, and perhaps the most important and telling gauge of our future, is the downward trend in the unemployment rate.
• Just last week news broke that unemployment fell to 8.3 percent, making January the fifth consecutive month in a row to see a decline. In response to these trends, companies have substantially stepped up their hiring and begun filling openings left stalled during the economic downturn. In point of fact, jobs are being added across all sectors of the economy.
• Second, consumer confidence — which runs in tandem with employment trends — is up again to levels not seen since April 2011. While it’s too soon to tell where we’ll eventually land, consumer attitudes bounced back in time for the November 2011 holiday shopping season ... after lagging for months.
• And even though gas prices have remained unpredictable, the third key economic indicator – car registrations – gives us another solid measurement of our pulse as an industry and points to ongoing positive movement.
• And as a final point, legislative policies and energy-saving regulations on the horizon will drive automakers to offer different powertrain solutions affecting displacement and fuel efficiency.
• The days of measuring performance by counting engine cylinders is all but gone. We are already seeing many automakers equip vehicles — even their highest-performance models — with engines that utilize fewer cylinders.
• But it should be noted that ONLY Volvo is taking the bold step of moving to an engine family featuring only four-cylinder engines.
• It just makes sense from an environmental standpoint — making engines that are much more fuel efficient. It makes sense from a logistical standpoint — allowing us to focus our expertise in areas that yield the greatest benefit. And it makes sense from a cost standpoint — fewer engines and fewer parts mean leaner, smarter production.
• In joint consideration, all of these signs bode well for the auto industry and the course of our future. And when you combine those longer-term factors with the immediate reality that the average car on American roads is very high — 11 years old by most reports — automakers have a significant sales opportunity.
• What does that all mean?
• For the industry, it means we’re building momentum. For Volvo, it means that innovation will be front and center. We will continue to raise our luxury cache, to raise the performance and efficiency of our vehicles, all while burnishing the exclusive mantle of safety to which only Volvo can lay claim.
• I mean, after all, what’s the first thing that comes to mind when you hear the name Volvo? ... Safety, of course!
• We are trailblazers when it comes to auto safety. Only we have taken the bold pledge that “NO ONE will be killed or seriously injured in a new Volvo by 2020.”
• Yet even as the industry leader in safety, we will expand our safety and collision-avoidance technologies even further.
• Three years ago, we introduced City Safety, a low-speed collision avoidance system that can stop the vehicle when the driver’s attention has been diverted. IIHS has confirmed that Volvo vehicles with City Safety have 22 percent fewer insurance claims.
• More recently, we introduced Pedestrian Detection, a radar and camera-based system that tracks human forms. If the system calculates that a collision is imminent – either because of the driver’s inattentiveness or a pedestrian’s unexpected crossing – the car will stop, either avoiding or mitigating the collision.
• We’re now working on the next-generation of a safety tracking system, but this one will work with animals. Animal detection will be able to identify dogs, deer, moose and other large animals that might unexpectedly cross a car’s path.
• We’re also working on a futuristic “car train” technology that we’ll be demonstrating for media later this year. All in all, our safety future is very exciting.
• Now ... let me give you a peek into our product future.
• While our safety leadership is unquestionably what underscores everything we do at Volvo, we know that consumers look for more than safety. They look for, well, “looks.”
• So, we’ve been shining the spotlight on the beautifully clean elegance of our Scandinavian design aesthetic.
• Admittedly, “cool” and “stylish” may not be words historically associated with Volvo, but they are now. The XC60 crossover and the S60 sports sedan are good real world examples that are in the market today.
• But the Concept You, which is on display here in Chicago, is a bold step that gives a nod to the future of Volvo design.
• The Concept You combines a sleek, coupe-like exterior with a luxurious, high-tech interior that keeps the driver in command via intuitive, smart pad technology. The wood and leather steering wheel has aluminum and glass paddles with integrated touch-screens that embody the powerfully intuitive driving experience our cars will offer.
• As I noted earlier, a lot of brands are moving toward building engines with fewer cylinders over time, but Volvo is the ONLY automaker going “all-in” with four-cylinder engines across the entire portfolio of our vehicles.
• A clear example of our future plans is the new concept we debuted at Detroit.
• This is a pinnacle expression of the marriage between electrical power innovation and the expanding performance capacity of the four-cylinder engine family showcased in our new XC60 Plug-in Hybrid Concept.
• It features a state-of-the-art, four-cylinder engine producing 280HP from our upcoming Volvo Environmental Architecture – or VEA – engine family that will reach our American showrooms in a couple of years, coupled with a 70HP battery.
• This is truly a no-compromises vehicle, capable of a 600-mile range.
• Stefan Jacoby, Volvo Car Corporation’s president and CEO, has made it clear that we will have a gasoline-powered plug-hybrid on the U.S. market in a few years, but we’ve yet to determine in which model it will debut.
• In a couple of years, you’ll also see the second-generation XC90 making its debut. It's too early to share any details with you but I believe it will be as warmly received by consumers and media as the first-generation XC90 was.
• So, here sits Volvo, a year-and-a-half after being sold by Ford to a Chinese holding company … How are we doing?
• Well, if you’ve gleaned anything from my remarks today, you’d have to admit that our “Swedish heart” is beating stronger than it has in a long time.
• Our owners believe in Volvo and what it stands for. Our chairman, Li Shufu, has no intentions of changing the brand. He’s said publicly on many occasions that his goal is to expand Volvo’s reach on a global basis.
• I believe that will happen.
• To summarize, this is an exciting time for the industry, an exciting time for Volvo — and Chicago is an ideal venue to highlight where we’re collectively headed as automakers.
• Here in Chicago, we can enjoy our connection to this industry, from the people we meet to the cars we get to see and drive, and to share our enthusiasm with others.
• Yes, we are here at the Chicago Auto Show, the biggest consumer show in the nation.
• As first written by Blues artist Robert Johnson in 1936, and immortalized by the Blues Brothers, I'm thrilled to be back in Sweet Home Chicago!
• Thank you for being such an attentive audience.
• I’d be happy to entertain a few questions.
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