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Volvo Cars' earnings top pre-pandemic levels in boost ahead of possible IPO

STOCKHOLM — Volvo Cars reported a return to profit in the first half as demand for electric cars pushed earnings above pre-pandemic levels, putting the carmaker on a firmer footing as it considers a possible IPO this year. Sweden-based Volvo, owned by China's Geely Holding, said on Friday it made a first-half profit of 13.24 billion Swedish crowns ($1.52 billion), more than double its profit of 5.52 billion crowns in the corresponding period of 2019, before the coronavirus struck. Like several other automakers Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year's plunge during the pandemic helped first-half revenue rise by 26% to 141 billion crowns. "The pandemic effect, when it comes to our business, we don't see it anymore," Chief Executive Hakan Samuelsson told Reuters. "All our employees have not been vaccinated yet, but sales and production are really back to where we were." The company, which is eyeing an initial public offering before the end of this year, said all its regions showed solid growth and improved market shares, with chargeable cars representing 25% of total sales. Samuelsson said the evaluation process ahead of a potential IPO was progressing according to plan, adding the firm was still considering listing on the Stockholm stock exchange in the second half of 2021. "The company stands stronger than ever and we are in the midst of a very substantial transformation ... It has to be financed and access to the stock market is of course positive then," Samuelsson said. Volvo Cars had been heavily affected at the start of the pandemic, plunging to a 989 million loss in the first half of 2020. The company on Friday kept its second-half outlook for flat sales and revenue growth year on year, "unless supply of semiconductors improves". It said earlier this month that first-half sales rose 41% to 380,757 cars. The Gothenburg-based firm plans to become a fully electric car maker by 2030, sell 600,000 battery electric vehicles at mid-decade, and build a European battery gigafactory in 2026. ($1 = 8.6821 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard and Susan Fenton) Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvo introduces 2022 C40 Recharge crossover

The first trailer for Top Gear's 24th season shows a hands-free drag race

In the excitement over Amazon's new motoring show, it's important to remember that there's a certain series from the BBC that's attempting to get its mojo back for a 24th season. Yes, we're talking about Top Gear. Since Chris Evans' departure earlier this year, Top Gear news has been relatively sparse, particularly as The Grand Tour and its hosts Jeremy Clarkson, James May, and Richard Hammond seized headlines. But on Christmas, watchers of the series' YouTube channel caught a glimpse of the first scene from the next season. Featuring hosts Matt LeBlanc, Chris Harris, and Rory Reid in what looks like a trio of old, dilapidated cars. We're thinking TG is running a taxi comparison. There's a London black cab and a Mercedes-Benz W210 – a favorite of European cabbies – but we aren't sure where Harris' boxy wagon fits in. Did the Volvo 850 Estate ever serve as a livery vehicle? But it's the basis for this comparison that's weird, because the hosts appear to be having a no-hands drag race. The cars veer off in different directions, traveling across what looks like a snow-covered dirt lot. We're assuming hilarity ensues. And while we don't quite know what they're hoping to accomplish, we are looking forward to watching it go down. Top Gear's 24th season doesn't have an official air date, and the video ends only with a cryptic "Coming Soon." Expect to hear more in the next few months.

Editors' Picks March 2024: Refreshed Acura TLX, the Mazda CX-90 and more

This month, a wide variety of body styles and powertrain propositions earn Editors' Picks status. The brand-new Mazda CX-90 has impressed us in many forms, but that comes as no surprise. The Tonale from Alfa may not be a super-hot performance SUV like the Stelvio Quadrifoglio, but it's still captured our love. And for those wishing to remain lower to the ground, the V60/V60 Cross Country bring style to the limited pie that is the wagon market. Lastly, Acura updates its TLX, and the package only gets better. In case you missed previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. You'll find the entire list of Editors' Picks at this link here, which we keep updated as cars are either added or dropped from the list. The vehicles youÂ’ll find below consist of every car we rated in March that earned an EditorsÂ’ Pick. 2024 Mazda CX-90 2024 Mazda CX-90 PHEV Premium Plus View 70 Photos Quick take: The driver's three-row SUV. Enthusiasts who need space should seek out the CX-90. It translates Mazda's enthusiast DNA into a people hauler. Score: 8 What it competes with: Honda Pilot, Kia Telluride, Jeep Grand Cherokee L, Chevy Traverse, Subaru Ascent, Ford Explorer, Toyota Highlander, Mazda CX-9, Kia Sorento, Buick Enclave, Nissan Pathfinder, VW Atlas Pros: Lovely to drive inline-six; premium interior; will make you forget you're driving a family hauler Cons: Limited third-row and cargo space for the segment; PHEV is rough around the edges From the editors: News Editor Joel Stocksdale — "With excellent driving dynamics, classy interiors, strong powertrains and good value, the CX-90 should be high on anyone's shopping list, whether they're looking at mainstream or upscale brands. It's a strong competitor in a big field. The available interiors put it on par with some real upscale brands. It's not perfect, but it's very good, and it's a good sign for future Mazdas." Road Test Editor Zac Palmer — "There's little doubt that the CX-90 is the affordable three-row SUV for enthusiasts, and I think the inline-six is likely your best bet.