Economy

Abu Garcia leaves Sweden after 104 years in Svängsta

The long-established Swedish sport fishing company Abu Garcia has manufactured its last fishing reel in Svängsta, Blekinge. After 104 years, production is now being moved to China, reports TV4 Nyheterna.

Bo Ek has worked in the factory since 1983 and now has to look around for a new job.

– This affects the entire society, the entire countryside and more or less all Swedish fishermen. There will be no more Swedish-built reels, he says.

Elon Musk's fortune
Oljefonden's CEO on the relationship with Musk: "No"

Nicolai Tangen at Oljefonden has had a turbulent year: criticism of Israel investments, schism with Elon Musk and tariff shocks.

– We did not predict that Trump would win the election. We did not predict tariffs. Not the new relationship between the US and Europe. And not what would happen in China or India, says Nicolai Tangen, and continues.

– So it is completely pointless to try to predict.

Even a cancelled dinner with Musk received a lot of attention because the Swedish Oil Fund later voted no on two occasions to his gigantic salary package. When asked if they have any relationship today, or if Musk has been heard from after the vote, Tangen answers “no” to both. 

The development of electric cars
Experts: China turned to its own electric cars during Covid

The Chinese vehicle market changed during the pandemic, according to several analysts that Ekonomiekot in SR spoke to. European brands that were previously highly sought after lost market share to Chinese suppliers.

– When we thought China was closed, they worked like crazy. And these different brands released lots of electric cars and there is a lot of technology in them, says Dagens Industri's automotive expert Karin Olander.

Peter Bryntesson, CEO of the Vehicle Components Group, shares the picture. He notes that before the pandemic, it was status to drive mainly German cars, but that it is not the same today.