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.
This winter season, Nieman Marcus is getting into the true meaning of Christmas by offering a bunch of seriously expensive stuff in its annual holiday catalog. There's usually at least one automotive offering, and this year it's a 2022 GMC Hummer EV Edition 1 for an eye-watering $285,000. That's $172,405 more than the regular Edition 1 crab-walker, which is priced by GMC at $112,595. And what does one get for more than 2.5 times the cost of the most expensive electric Hummer? Well, hold your 1,000 horses, because this isn't just any Hummer EV Edition 1. No, it's a one-off Barrett-Jackson Hummer EV Edition 1. The interior of this Barrett-Jackson edition Hummer has been "curated" by Craig Jackson himself. And by curated, they mean it has a bunch of red trim everywhere and is garnished with a Neiman Marcus logo. Aside from that, there is nothing appreciably different about it. No performance upgrades, no special paint job. You do get an electric charging station at home, though, which might be the most useful addition to this whole enterprise. If that's not worth the price of an entire 1.5 extra Hummers to you, there's more. You get two VIP passes for the opening gala of the Barrett-Jackson auctions in exotic Scottsdale, Ariz. During the auction, you'll get access for two to Carolyn and Craig Jackson's personal skybox from where you can watch 1,500 cars trade hands. But don't get too comfy, because at some point you'll be invited on stage to receive your Hummer EV in front of a gaggle of inebriated fishing boat dealership owners. Oh, and you'll also get to bang the little auction hammer. You can pair the Hummer with other gifts in Nieman Marcus' "fantasy" catalog, like a $6.1 million dollar diamond ring. However, if you go with the $395,000 Great Gatsby-style roaring '20s party, make sure it doesn't end with the 9,000-pound Hummer Daisy Buchanan-ing any bystanders. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.
As is the case with nearly every new off-roader on the market, the 2022 GMC Hummer EV will have a bunch of accessories available for personalizing the big electric pickup truck. In fact, GMC says that the total number of add-ons is close to 200. But for the SEMA show, it's sharing just a few of what it says are the more interesting accessories. Quite a few of these parts will take you a long way to turning the Hummer EV into an overlander. The most obvious is the roof-top tent that utilizes mounts on the roof and the bed. It looks quite large and roomy. Naturally, auxiliary lighting is available, too, including a 50-inch roof light bar and two smaller spot lights that mount ahead of the A pillars. For storage, there's a nifty swing-out toolbox, shown in the gallery as more of a tackle box, plus a battery-powered cooler and a bed-mount for a full-size spare tire. There's also a more traditional bed extender and simple bed rail-mounted rack. And just for fun, you can get a Kicker audio sound system built into the MultiPro tailgate to listen to your music. Not all the accessories are about utility, though. There are some visual enhancements such as the red decals shown in the gallery. They match other decals and badges available, and they're offered in bronze, too. There are some branded puddle lights on offer as well. These should be available around when the Hummer EV pickup goes on sale next year. Pricing for each part will surely vary, though exact numbers haven't been announced. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.
The redesigned Mini Countryman has been spotted testing in the wild. Expected to debut for the 2023 model year, this redesign is expected to produce a more future-proof SUV that may not be quite so "mini" anymore. Yep, it looks big, and our spies said that impression carries over to real life. The next Countryman will again ride on a derivative of BMW's FAAR architecture dubbed UKL1, also shared with Land Rover. This is the same platform that underpins BMW's front-wheel-drive based X1 and X2 crossovers, and it will give the Countryman room for more people, more cargo and, most important, more tech -- powertrain tech, to be specific. This electrification-friendly platform should mean more-advanced hybridization and likely an all-electric model for the next-gen Countryman, building on the existing car's plug-in hybrid offering, which already gets a reasonably decent 18 miles on all-electric power, care of a 9.6-kWh battery. That's already 50% more than what the PHEV model launched with, so temper your expectations, but further improvement certainly isn't out of the question. This is a far cry from the manual-transmission, all-wheel-drive Cooper super-hatch that debuted a decade ago. Yep, the Countryman nameplate is more than 10 years old now. Can you believe that? We should learn more about the new Mini Countryman sometime in the next year, ahead of what is expected to be a late 2022 or early 2023 launch. That could change, of course, given the current state of the world. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. MINI Electric Pacesetter inside and out
So it turns out we still don't have full details on the 2023 Mitsubishi Outlander PHEV. Information will continue to trickle out instead. But at least we have information on one of the SUV's most critical parts: the battery pack. It has more capacity, and should have more range. The outgoing Outlander PHEV had a 13.8-kWh battery pack good for 22 to 24 miles of all-electric range. The new model's battery expands to 20 kWh. On the WLTP cycle, it's good for 54 miles, but the U.S. EPA numbers will probably be lower. The capacity increase is about 45%, so applying that to the miles, we're expecting somewhere around 32 to 35 miles of electric range. That would put it close to the Ford Escape PHEV's 37 miles of range and the Kia Sorento PHEV's 32 miles. It would still trail the RAV4 Prime's 42 miles of range. Mitsubishi also noted that the gas tank has expanded, too, so the Outlander PHEV's overall range should increase. Despite all this, the plug-in hybrid also retains a third row of seats, something its predecessor lost. This is due to a revised rear motor that includes the motor controller as part of the unit. The previous model had the controller located in the passenger compartment. Mitsubishi says this freed up interior room for the rear-most seats and also reduced the amount of high-frequency noise in the cabin. As for the powertrain itself, Mitsubishi isn't sharing output details. All it has said is that the Outlander PHEV still has dual electric motors, plus a gas engine. That engine is a 2.4-liter four-cylinder similar to the current model. The press release Mitsubishi provided suggests the electric motors are more potent, so we may see more than the 221 combined horsepower of the outgoing model. The Outlander PHEV will go on sale in the United State in the second half of next year. We should have many more details on it as we approach the on-sale date. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Mitsubishi Outlander exterior and interior walkaround
Bentley has become the first major automaker to release a series of cars dedicated to Russian ballet — sorry, Lada. It's planning to build a series of six Bentayga Speed models inspired by a different motion performed by ballet dancers in Russia. Each SUV in the series wears a specific livery; three feature a single-tone paint job while the rest get a two-tone look. As of writing, only one of the limited-edition SUVs has been revealed. It's painted in Silver Storm over Damson, which is Bentley-speak for purple, and it receives a brown and purple leather interior with contrasting Koa wood trim. Some of the other color combinations planned will be more subtle. One will be painted in Windsor Blue over Light Windsor Blue, for example. At the other end of the spectrum, another will be fully finished in purple. Edition-specific contrast stitching and ballet silhouettes added to the seats and to the trim on the dashboard further set the members of this few-off series apart from the regular-production Bentayga Speed. And, each car is named after a unique ballet move; the name appears on the sill plates. Before you get in, keep an eye out for the unique Russian Heritage LED welcome lighting that's exclusive to these six cars. Don't look for ballet-inspired modifications under the hood. Power comes from the regular-production Speed's mighty 6.0-liter W12 engine, which is twin-turbocharged to develop 626 horsepower and 664 pound-feet of torque. The latter figure is available over a broad range that stretches from 1,500 to 5,000 rpm. The firm quotes an impressive 3.9-second sprint from zero to 62 mph and a top speed of 190 mph. Pricing information hasn't been announced but it's of little interest: all six cars have already been spoken for. They'll be delivered by Bentley dealerships in the Moscow area before the end of 2021. Bentley explained that this is the first chapter in a series of Russian Heritage Edition models developed specifically for the Russian market. It plans to release new Russia-themed limited-edition models annually. Fear not if you're into big, powerful SUVs and head-turning paint colors but aren't on the list to receive a ballet-themed Bentayga. Mulliner (the division that handles Bentley's in-house customization) takes requests; its 1,000th project was a sweet potato-colored Bentayga. Related video: 2019 Bentley Bentayga Exterior Walkaround, Drive Modes, V8 Engine, Front Seats and Rear Seats
Bugatti's stunningly powerful Chiron has almost reached the end of the line. While the standard model is sold out, there are still some Pur Sport and Super Sport build slots available for buyers who want to add the hypercar to their collection before it sprints off into the sunset. Developed to replace the Veyron, the Chiron was unveiled at the 2016 edition of the Geneva auto show with a 1,500-horsepower, quad-turbocharged W16 engine mounted behind the passenger compartment. Deliveries started in March 2017, and the 100th unit was delivered to a customer in the Middle East in May of the following year. Bugatti reached the 250-car milestone in February 2020, and it built the 300th Chiron in March 2021. It said that the final examples of the Chiron and the Chiron Sport are either being built or scheduled to be built. What's left, then, are less than 40 build slots split between the Pur Sport and the Super Sport (pictured) variants, though Bugatti told Autoblog some of those are slotted for production but haven't been configured yet. The curtains will close when the final units are built. There's no word yet on how long it will take to fill the remaining build slots; Bugatti stressed that demand for the Chiron has increased significantly in 2021. Sales doubled and even tripled in some regions during the third quarter of the year. As for what's next, your guess is as good as ours. Bugatti is now controlled by Rimac so rumors sketching the outline of an electric model are rampant, though nothing is official. We've also heard vague details about a second model line, one that could slot below the Chiron, but those reports also remain speculative. What's certain is that something will take the torch from the Chiron. "We will not just recycle what we have — not restyle the Chiron or hybridize the Chiron. We're developing a completely new product from the ground up. Everything, because we think that's the best way to go. That product will have an internal combustion engine," said Mate Rimac. In the meantime, Bugatti's factory will stay reasonably busy: the French brand will soon launch production of the EB110-inspired Centodieci, which is limited to 10 examples, and it's planning to build 40 units of the Bolide, a track-only two-seater that weighs less than a Subaru BRZ. Related Video:
Volvo managed to sell the 1940s-design PV544 and its 1950s-design Amazon descendant all the way into the mid-to-late 1960s in the United States, but those iconic machines were replaced here by one that began a line of even more iconic Volvos: the 140 Series. Starting with the 1968 model year, the 140 became available in the United States as a two-door sedan (the 142), a four-door sedan (the 144 and 164), and a station wagon (the 145). These rear-wheel-drive, brick-shaped cars later evolved into the 200 Series and its heirs, with the very last of the breed appearing here in the form of the 1998 S90/V90. That's a lot of history all wrapped up in one vehicle, and so I was pleased to find this 145 in a Denver-area car graveyard earlier this month. This car rolled out of Goteborg with a gleaming coat of Morkgron (dark green) paint and, according to this build tag, was built to California specifications. At some point, it made its way to Colorado. Very few US-market cars had six-digit odometers prior to the middle 1980s, but Volvo felt optimistic about their cars' longevity (at a time when reaching the magical 100,000-mile mark was something that rarely happened with non-Mercedes-Benz vehicles) and so now we can see that this car made it well past 200k miles. The 2.0-liter pushrod four-cylinder engine in this car can trace its ancestry back to the Amazons, P1800s, and PV544s of the early 1960s, and it was rated at 115 horsepower. A six-cylinder version of the 140 sedan, known as the 164, could be purchased here as well (though it had few American takers). But wait— what's that Detroit-looking two-barrel carburetor doing on an engine that's supposed to have a Stromberg 175? Yes, it's a GM-spec Rochester clone built at the ancient Bay City Plant (now known as GM Powertrain) in Michigan. Earlier Volvos came with a pair of British-made Skinner Union sidedrafts, which could be pretty painful to keep working right, but perhaps even the less-oddball Stromberg proved too much hassle for whoever installed this carb (which was meant to go on engines with much more displacement than a Volvo B20). Transmission choices in the 1969 140: a four-on-the-floor manual or a three-speed automatic. This car has the manual. The interior is pretty thrashed, as is usually the case with the 140s I find during my junkyard explorations.
While I find plenty of 1950s Detroit cars in quick-inventory-turnover self-service wrecking yards during my travels, they tend to be the ordinary post sedans that were built by the millions during the heyday of the three-on-the-tree manual transmission and nuclear-attack symbols on car radios. The more sought-after convertibles, coupes, and four-door hardtops are tougher to find in such yards, which makes today's 1957 Buick Special Riviera in a yard in northeastern Colorado an A-List Junkyard Gem. During the late 1950s, the Special ranked at the bottom of the Buick prestige hierarchy just below the more upscale Super and Century. Of course, this was the era of Alfred Sloan's "Ladder of Success" and the lowliest Special outranked even the nicest Olds Ninety-Eight on the Swank-O-Meter. If you were the Buick-driving Joneses and your neighbors had proletarian Chevrolets, aspirational Pontiacs, or petit-bourgeois Oldsmobiles, they were failing to keep up with you… but then you'd see a new Cadillac and feel intense envy for your victorious rival. The Ladder of Success collapsed later on, when the top-trim-level Chevy Caprices began to compete against their Cadillac Calais big brother, but it was still standing tall in 1957. The Riviera name ended up being used for its own distinct model starting in 1963 and continuing nearly into our current century, but in 1957 it was a trim level designation, used to indicate a Century or Special sedan with the then-radical pillarless hardtop design. This car listed at $2,780, which comes to a cool $27,630 in 2021 dollars. That price included the 364-cubic-inch (6.0-liter) Buick Nailhead V8 engine, rated at 250 horsepower and enough torque to peel 1957's rock-hard bias-ply tires right off their rims. The Special had a three-on-the-tree column-shift manual as standard equipment, but the original buyer of this car sprang for the extra $220 ($2,185 today) to get the Dynaflow transmission. While the shift indicator looks just like the ones on GM cars equipped with the two-speed Powerglide, the Dynaflow was an odd beast used only in Buicks; while it had gears for two forward speeds, the driver had to select low gear manually. Otherwise, a complex torque converter rig provided an experience something like today's CVTs (though with better smoothness and much more wasted power), in which the car stayed in high gear all the time and used the torque converter to multiply as needed.
DETROIT — General Motors is more than halfway through shipping newly-assembled pickups that it had parked due to a shortage of semiconductor chips, a top executive at the No. 1 U.S. automaker said on Friday. "We've made great progress," Steve Carlisle, GM's North American chief executive said at the Reuters Events Automotive Summit. "We're a bit better than halfway through that at the moment and our goal would be to clear out our '21 model years by the end of the year. We'll have a bit of a tail of '22 model years into the new year but not for too long." The global chip shortage has forced automakers like GM to idle production or in some cases mostly build vehicles and then park them until the necessary chips can be installed, allowing those vehicles to be then shipped to dealers. Last month, GM Chief Financial Officer Paul Jacobson cautioned that GM's third-quarter wholesale deliveries could be down by 200,000 vehicles because of chip shortages. He did not break out what share of that was trucks. To expedite transportation of newly-built vehicles to dealers, Carlisle said GM bought a number of car haulers to deliver them from factories or distribution centers. The Detroit automaker has also allowed dealers to pick the vehicles up themselves in some locations. Carlisle said new vehicle inventories have shrunk to below 20 days in the United States due to the supply chain disruptions, but the company wants to get that back up to 30 to 45 days with some getting to 60 days depending on the product line. GM sees sales of gasoline-powered vehicles being steady over the decade and real growth opportunity in electric vehicles and software, with one not undermining the other, he said. Â
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