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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

Volvo EX90 will be the XC90's all-electric successor

Clarification: Volvo reached out to clarify that the EX90 will be "our new flagship sold alongside XC90 for the foreseeable future" — more of a "successor" than a "replacement." The story has been updated to clarify.     Volvo has announced what we've long suspected. The XC90's successor as the Volvo flagship will be an all-electric crossover. Its name, as officially stated by Volvo, will be EX90, rather than the previously thought EXC90 or even more evocative Embla, and it will be sold alongside the XC90 for a time The primary philosophy of the new flagship, the company says, will be that old Volvo calling card: safety. The automaker promised in a statement that "standard safety in the EX90 will be beyond that of any Volvo before it." They are also reiterating that they're working to be a 100% crash-less and 100% carbon-neutral company. Volvo says the EX90 will cruise down the road with an "invisible shield" of cameras, radar and lidar sensors. They will work in unison to create a "360-degree real-time view of the world," a description that sounds like Tesla's not-quite FSD visualizations that show 3D representations of lanes and traffic movements on the center screen. Volvo says over time the software can reduce serious injury and fatal accidents by 20% and overall crash avoidance by 9%. The software is made to share data from the entire fleet similarly equipped Volvos, learning as it goes.  Inside, the car will monitor driver alertness with algorithms that track eye gaze and focus. Volvo claims the programming is "beyond what has been possible in a Volvo car to date." If the system detects distraction it will respond with increasing levels of assertiveness, starting with "softly nudging". However if the driver falls completely unconscious it's designed to safely pull over and call for help, in what sounds similar to Mazda's Co-Pilot feature or VW's Emergency Assist 2.0. Volvo has not revealed specs or the actual design of the EX90. We suspect it will be based on last year's Volvo Concept Recharge, though it could also look like the unearthed patent images from last month. The Volvo EX90 will be revealed in full on November 9.

Volvo Recharge plug-in hybrids get big range and power bumps

Volvo's plug-in hybrid powertrain is getting a significant upgrade for 2023, resulting in all its 90- and 60-series Recharge models effectively doubling their electric range and becoming eligible for the full $7,500 federal tax credit.  A new rear electric motor now delivers 143 horsepower from 87 hp, resulting in a combined output of 455 hp and 523 pound-feet of torque. That's a significant bump from the previous 400 hp and 472 lb-ft. These changes apply to the Recharge versions of the XC90, S90, XC60 and S60, plus the Polestar Engineered trim levels of XC60 and V60.  Below are the new electric ranges for each of the Volvo Recharge models. Their previous ranges are in parentheses. S60 Recharge: 41 miles (22) V60 Polestar Engineered: 41 miles (22) XC60: 35 miles (19) XC60 Polestar Engineered: 35 miles (19) S90 Recharge: 38 miles (21) XC90 Recharge: 35 miles (18) These range increases are the result of a new long-range battery pack featuring a third layer of cells. This brings total capacity from 11.6 kWh to 18.8 kWh.  There are other advantages, as well. The XC60 and S90 Recharges will now be capable of one-pedal driving, whereby regenerative braking is so strongly applied that the car effectively does most of the braking for you. This is already available on Volvo's fully electric models, and although it will initially be available only on the XC60 and S90, Volvo told Autoblog that the others will eventually get it. When exactly? Volvo did not elaborate.   Volvo says the increased battery capacity will improve performance in extreme cold and heat. It will also allow for pre-heating and pre-cooling the car, even when unplugged, without reducing all-electric range.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2020 Volvo S60 T8 driver assist systems