2008 Blue Volvo C30 T5 2door With Rear Hatchback on 2040-cars

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Volvo might join the tide of automakers turning to hybrids and PHEVs

Volvo had been the clearest and most direct of all automakers about switching to a purely electric lineup.  Less than a year after getting the XC40 Recharge to market, on March 2, 2021, the company wrote that it "intends to only sell fully electric cars and phase out any car in its global portfolio with an internal combustion engine, including hybrids." Two years later, with the C40 on dealer lots and the EX90 and EX30 in the pipeline, CFO Bjorn Annwall removed the wiggle room of "intends" by pledging Volvo won't "sell a single car" that isn't purely electric after after 2030, emphasizing the target to Automotive News with, "There's no ifs, no buts." Problem is, there are always ifs and buts, and Volvo might be the next automaker needing a tactical retreat to deal with them. After speaking to members of Volvo's U.S. dealer body, Automotive News reports a softening of the 2030 target. The most Volvo has said publicly came from CEO Jim Rowan, who told analysts during a recent investor webcast that because the EV transformation is going to take time to scale, hybrid powertrains could "form a solid bridge for our customers that are not ready to move to full electrification." According to AN, an anonymous insider said plug-in hybrids could take the lead for the next 10 years as global governments and global markets align on electric vehicles. If this turns out to be the case, Volvo would join a strengthening trend as automakers rush to develop hybrids and PHEVs to launch in the next three years.   Volvo would also be well positioned for the turn, considering buyer sentiment to the hybrids and PHEVs it's sold for many years now. The SPA1 platform supporting every Volvo with an internal combustion engine remains sound. Given development dollars and improvements in battery technology, there's no reason Volvo couldn't ride an evolution of the architecture into the next decade, and it can also take advantage of platforms and toolkits from parent company Geely. Only a year ago, Geely and Renault agreed on a joint venture to invest 7 billion euros for researching new technologies to make non-hybrid and hybrid gas engines more efficient.  This is clearly what U.S. dealers want based on their comments to AN, one retailer going so far as to say, "We will have to [stick with hybrids], or we will die."  Short term, Volvo's enduring the same pain felt by other automakers.

Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

Lamborghini Huracan Sterrato and GMC Acadia driven | Autoblog Podcast #837

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Electric, John Beltz Snyder. They're both jazzed after driving the off-road-ish and totally sublime Lamborghini Huracan Sterrato. John recently drove the new GMC Acadia, Greg spent some time in the Toyota Camry, and they also discuss Autoblog's long-term Subaru WRX. In the news, the Porsche 918 Cayman and Boxster are reportedly ending production, while it's officially the end of the road for the Nissan GT-R and Volvo S60. Fisker has officially filed for bankruptcy. Cadillac has shown off a couple cool Blackwing special editions in honor of Le Mans. Finally, we reach in the mailbag and help a listener pick a sporty convertible in this week's Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #837 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving: 2024 Lamborghini Huracan Sterrato 2024 GMC Acadia 2025 Toyota Camry Long-term 2023 Subaru WRX Porsche 718 Cayman and Boxster allegedly end production in October 2025 2024 Nissan GT-R the final year for the U.S. market 2025 Volvo S60 the last model year for the sedan in the U.S. Fisker files for Chapter 11 bankruptcy 2025 Cadillac CT5-V Blackwing 'Le Monstre' and CT4-V Blackwing Petit Pataud limited editions celebrate Le Mans Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Podcasts Cadillac Fisker GMC Lamborghini Nissan Porsche Subaru Toyota Volvo Coupe Crossover SUV Electric Hybrid Luxury Off-Road Vehicles Performance Supercars Sedan