11 Volvo C30 Ts -great Performance Great Mpg Great Price on 2040-cars

Auto blog

Volvo Cars to dilute stake in EV maker Polestar

Volvo Cars said on Friday it plans to distribute 62.7% of its stake worth 9.5 billion crowns ($920.17 million) in Swedish electric vehicle manufacturer Polestar Automotive Holding to its own shareholders. After completion of the proposed distribution, Sweden-based Volvo Cars said it will retain an 18% stake in Polestar. The heavy involvement by Sweden-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticized by analysts who see the stake as a drag on Volvo's resources. "As we have significant operational collaborations with Polestar and a financial relationship, it is logical for us to retain influence through a smaller 18% stake in Polestar," said President and CEO of Volvo Cars Jim Rowan. The company said it has a financial relationship with Polestar through an outstanding convertible loan of $1 billion. China's Zhejiang Geely Holding, which is a majority owner of Volvo Cars, will continue to provide operational and financial support to Polestar. The stake distribution will be made through a 2:1 share split, followed by an automatic share redemption process, Volvo Cars said. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Polestar O2 Concept revealed with autonomous drone footage

Volvo EX30 U.S. arrival delayed until at least next year

Despite an aggressive campaign ongoing for more than a year to market Volvo’s compact all-electric SUV in the United States, the Swedish-based company said today that it will delay introduction of the EX30 until next year. Russell Datz, a Volvo spokesman, said in an email that the on-sale date of the EX30 is “due to changes in the global automotive landscape.” Datz also attributed the delay to a “ramp up of production at our plant in Ghent, Belgium, with a 2025 target delivery date to be announced.Â’Â’ Volvo though its own channels began taking pre-orders for the 2025 EX30 after it was introduced formally just year ago; the anticipated U.S. price was announced at that time as starting at $36,145, including an $1,195 destination charge Datz added that Volvo “will offer customers with existing preorders several options to drive a new Volvo until their EX30 arrives.Â’Â’ No specifics about that, so stay tuned. “Importantly, we remain committed to bringing EX30 to the US and are working hard to get it into customer hands,” he said. It “remains a cornerstone of Volvo CarsÂ’ ongoing strategic transformation and reflects our ambition to build cars where we sell them as much as possible.” The EX30 is now sold in European markets. During a conference call with dealers today, Volvo executives suggested that the move to shift assembly to Belgium and away from China was an effect of the “geopolitical” situation. Reading between the lines, one might assume that recent moves by the Biden administration to impose high tariffs on cars imported here from China mightÂ’ve motivated the shift. Deliveries of the EX30 to the States was first expected earlier this year. Volvo said it would be offered with two powertrain options, both of which rely on a 69-kilowatt-hour cobalt-lithium-manganese-nickel composite battery, 64 kWh of which is usable. The base model, called Single Motor Extended Range, will have a rear-wheel-drive layout and produce 268 horsepower and 253 pound-feet of torque. Volvo expects this version to have a range of 275 miles on the U.S. EPA test cycle.

Volvo will reportedly dive into the minivan segment in 2023

Volvo will expand its range by entering the minivan segment for the first time, according to a recent report. The automaker is allegedly plotting an electric people-mover that will be built and sold in China and that will share numerous parts beneath the sheetmetal with an existing model. The yet-unnamed minivan appeared on a slide shown during a presentation made by Volvo's Chinese division, according to CarNewsChina. It's one of four new models due out in 2023; the others are the EX90, the EX90 Excellence, and a small SUV that may wear the EX30 name. Volvo hasn't confirmed plans to wade into the minivan segment, let alone published details about the model, but CarNewsChina speculates that the enigmatic family-hauler will land as a brand-specific version of the Zeekr 009 (pictured). Don't worry if that doesn't ring a bell: Zeekr was founded in 2021 and it mainly sells cars in China. It's part of Geely, however, so it's one of Volvo's sister companies. Designers will give Volvo's first minivan Swedish flair inside and out in a bid to differentiate it from the 009, but the Geely-designed SEA architecture and the electric powertrain shouldn't change significantly. That means the model will land with a 544-horsepower dual-motor all-wheel-drive system. It will be fitted with a massive, 140-kilowatt-hour lithium-ion battery pack said to unlock over 500 miles of driving range. Volvo will present the van as a close-to-production concept in the third quarter of 2023, and the production model will go on sale in China before the end of the year, according to the report. It's too early to tell whether Volvo will export the van to other markets; the company hasn't commented on the rumor. Don't expect it to come cheap: Zeekr charges 499,000 yuan (around $74,000) for the entry-level 009.