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Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.

Volvo and Ericsson to take Spotify on the road

Volvo is working to bring Spotify to its vehicles. Ericsson has announced it will provide its Connected Vehicle Cloud service to Volvo for future products, and Spotify streaming music is part of that service. Like Toyota Entune and other infotainment services, the Connected Vehicle Cloud will use the driver's smartphone as a modem to stream music and serve as a base for other applications, all of which will be controllable through the vehicle interface. Expect to see the service launch in 2014, though Ericsson stresses later generations will feature an embedded modem with its own SIM card that will piggyback off of the owner's phone data plan.
But that system won't show up in production vehicles until at least 2016. In the interim, Ericsson says it will continue to work with government agencies on its car-to-car communication efforts. That program could eventually help pave the way toward autonomous road trains capable of helping vehicles travel safely together while also reducing traffic congestion. Wired has a full break down of the Connected Vehicle Cloud strategy. You can read it here.

Volvo at CES announces Ride Pilot autonomy coming to California, deeper Google integration

Volvo just made a number of technology announcements at this year’s CES. We learned more about the companyÂ’s efforts toward autonomy, and in the near term, VolvoÂ’s infotainment system is getting some noteworthy updates. WeÂ’ll start with autonomy, and the system that Volvo is calling “Ride Pilot.” Volvo says itÂ’s working with the autonomous driving software company Zenseact and Luminar to bring more autonomy to its future vehicles. Today, it announced that the “Ride Pilot” system that will ultimately arise from this collaboration will first be offered to customers in California before rolling it out in other regions. Volvo is limiting initial use to California, because it says "the climate, traffic conditions and regulatory framework provide a favorable environment for the introduction of autonomous driving." The system will take full control of the car when it's on. That means the driver can do what they want, not limited to reading, writing or working, Volvo says. "The name ‘Ride PilotÂ’ implies what the driver can expect: when the car is driving on its own, Volvo Cars takes responsibility for the driving, offering the driver comfort and peace of mind," Volvo explains. ItÂ’ll be available as an add-on subscription service to a fully electric SUV that will be revealed later this year. How much it will cost per month or per year is still a mystery, but you wonÂ’t be able to factor it in with the standard purchase price of the vehicle. Said EV will be equipped with five radars, eight cameras and sixteen ultrasonic sensors. Testing for the above autonomy system is set to take place in California by the middle of this year, and itÂ’s already ongoing in Sweden and across Europe. Only once Volvo says it's verified for use on highways will this feature be available to subscribe to. Volvo does not provide a year estimate on the initial rollout. Google and Android Automotive update Volvo cars with the Google-based Android Automotive infotainment system will soon be integrated with the Google Home ecosystem and Google Assistant-enabled devices. This should give you greater ability to control your car with any Google Assistant device in your home. You could theoretically set charging scheduling (for an EV or PHEV), lock your doors or start the car via voice command — for more sensitive commands like unlocking the car, Volvo says it will require a two-factor authentication.