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Volvo to stop funding Polestar, sees stock rise dramatically

STOCKHOLM — Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo's top shareholder China's Geely Holding. The announcement sent the Swedish automaker's stock up more than 30% at market open. The heavy involvement by Swedish-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticised by analysts who see the stake as a drag on Volvo's resources. Like other new EV brands and startups, Polestar has struggled to make headway, particularly since Tesla started a price war last year. The automaker said earlier this month that it had missed its already-reduced delivery targets for 2023. Polestar's shares are down just over 83% since it went public in June 2022 via a merger with a special purpose acquisition company, or SPAC. Volvo Cars said it has considered handing Polestar shares over to Volvo's shareholders, which would make Geely a big direct owner in the brand. Shares in Volvo were up 20% at 0814 GMT, after they soared 32% at market open. Geely in a separate statement welcomed Volvo's decision to focus its resources on its own development. "Geely Holding will continue to provide full operational and financial support to the independent exclusive (Polestar) brand going forward," the Chinese group said. "This support will not require a reduction of Geely Holding shareholding in Volvo Cars," it added. However, the broker Bernstein said it saw a distinct possibility that the Geely ecosystem could sell down its shares in Volvo. Polestar last week said it planned to cut around 450 jobs globally, or about 15% of its workforce, amid "challenging market conditions". It also said in November that it would try to reduce its reliance on external help, publishing a revised business plan, which included getting additional loans from Volvo and Geely. The news could raise questions about the viability of Polestar, which aims to become cash flow break-even in 2025. Some analysts have said it could make more sense to fold Polestar company into Geely. Volvo Cars meanwhile reported a bigger than expected rise in fourth-quarter operating earnings on Thursday, with operating income excluding joint ventures and associates rising to 6.7 billion Swedish crowns ($643.83 million) from a year-earlier 3.9 billion. Analysts polled by LSEG had expected adjusted earnings before tax and interest (EBIT) of 6.5 billion.

Volvo teases minimalist, no-button EX90 interior

The march to the November 9 reveal of the Volvo EX90 takes its next step with these renderings of a pared down interior. We'll see soon how it looks once the new materials, textures, colors, and tunnel console are added, but for the moment, there are four elements: An instrument panel with a demure HVAC vent, broken up by a steering wheel, a small, uncovered screen behind the wheel, and an infotainment screen. The portrait-oriented tablet carries over from current Volvo design, so too a three-spoke wheel. Everything else in Volvo's current interior schemes is thrown out, including the knobs and buttons on the center console. It looks like the premium brand's version of the interior we were introduced to in the Polestar 3. Fitting, since both vehicles will ride on the same platform and be built at the same U.S. plant.  The cabin's physical design and the car's technology share a same philosophy, which is, "What you need, when you need it." Volvo says that the sensor suite around the EX90 will give the car a 360-view of what's happening outside and inside the car. " Thomas Stovicek, head of UX at Volvo Cars, said, "Since the car also understands its surroundings and you better than ever before, we can create an even safer situation by reducing mode confusion, distraction and information overload." On the infotainment side, we're told this will be done by the vehicle providing contextual options and menus on the two screens. The center screen, which looks larger than the current XC90 unit, performs the roles we've come to expect of it. Autocar spoke with automaker developers and said the screen "will also show information based on context. If you’re simply driving along, a bar near the bottom of the screen will show media information; if youÂ’re on a call, it will show other controls; if itÂ’s cold, it may show the defrost button, etc." This situational knowledge will be especially important as more roads are opened up to hands-free driving and as self-driving capabilities become more capable. Swedish engineers point to the handover from hands-free and autonomous driving back to hands-on driving as a crucial moment. It wants to make that handoff "effortless and intuitive." The display behind the steering wheel is where the driver will go first for traditional info like speed and range, also to understand the operational state of the driver aids.

Volvo recalls 27,457 new vehicles over a brake-by-wire issue

Eight Volvos from the 2023 model year have been drawn into a recall over software in their brake-by-wire systems. The models at issue are everything Volvo sells — the C40, XC40, S60, XC60, V60, V60 Cross Country, V90 Cross Country, and XC90. The combined recall population numbers 27,457 cars. The problem is that an in-vehicle diagnostic test to check the grounding of the system can trigger a fault in the vehicle's Brake Control Module 2. The fault doesn't always occur, but when it does, the vehicle reverts to its hydraulic system so the car can still stop. However, without the brake-by-wire system, the driver doesn't get the benefit of software-defined safety systems like ABS, ESC, Traction Control as well as convenience features like Pilot Assist, adaptive cruise control and one-pedal driving. Drivers might be alerted to the situation with a warning message and malfunction lamp in the gauge cluster, or a stiff brake pedal. The automaker says it has had no reports of accidents, injuries or fatalities because of the problem. If the car is turned off and able to enter what Volvo calls "deep sleep," the electronics will clear the fault. To fix the issue, Volvo will send an over-the-air update with logic that's a better fit for the Brake Control Module 2 hardware. The automaker says the new code "will be implemented on February 20" of this year, but in another example of the digital world outpacing regulatory processes, Volvo will begin notifying owners on March 15. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.