2011 Volvo C30 on 2040-cars

Auto blog

Volvo's $2.9 billion stock IPO is a key test in shift to EVs

Volvo Car AB is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the transition to electric vehicles. The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group Co., is offering shares at 53 kronor to 68 kronor each (about $6-$8), according to a statement Monday.  The deal values Volvo Cars at as much as $23 billion, 11 years after the Chinese firm bought the business from Ford Motor Co. for $1.8 billion. The IPO is set to be EuropeÂ’s largest since January, according to data compiled by Bloomberg. The carmaker, with an ambitious plan to only sell full electric cars by 2030, plans to use the funds to add carmaking capacity so it can nearly double annual sales to more than 1.2 million vehicles. Volvo Cars also plans to construct a battery plant in Europe. “We have a very clear strategy to be an electric company in 2030 and weÂ’ve been on that journey for some years now,” Volvo Cars CEO Hakan Samuelsson said in an interview. “With this, of course, we can secure that transformation, because of course, itÂ’s not free of charge.” VolvoÂ’s projected market capitalization of about $20 billion compares to roughly $65 billion for BMW AG, while the German premium carmaker produces more than 2 million vehicles versus Volvo CarsÂ’ 660,000 last year. Newer entrants to the industry such as ChinaÂ’s Nio Inc. and Tesla Inc. have seen their share prices surge past traditional manufacturers even as they sell only a fraction of the number of vehicles. The IPO also comes less than a month after electric-vehicle maker Polestar, controlled by Volvo Cars and Geely, said it will go public in New York via a blank-check merger. The deal implies an enterprise value of $20 billion for the startup, with Volvo Cars expecting to hold a 50% stake in Polestar after it lists. While the century-old Swedish industry stalwart and Polestar have similar valuations, 4-year-old Polestar has a target of delivering only about 29,000 cars this year. Geely previously attempted to take Volvo Cars public in 2018, but called off the listing after investors were said to balk at its valuation expectations of as much as $30 billion.  A group of pension funds and institutional investors have committed to buying 6.4 billion kronor worth of shares in the IPO. The offering of as much as 21% of Volvo Cars runs through Oct. 27, and the shares are set to start trading in Stockholm on Oct. 28. Goldman Sachs Group Inc.

Leno drives Volvo P1800 from Roger Moore's The Saint

Outside of a few notable exceptions, Volvo usually isn't associated with making beautifully curvaceous vehicles. But in the 1960s and early '70s the company proved with the P1800 that its cars didn't only have to be safe but staid family transportation. Underneath that shapely styling were a lot of components from the brand's parts bin, but that didn't bother Roger Moore when he drove one of these in the TV series The Saint. Actually, the future James Bond actor didn't just get behind of one of these; he owned this exact 1967 P1800 S. It's this week's highlight on Jay Leno's Garage.
Moore was the car's original owner, but it also appeared in studio scenes of The Saint. Despite its famous provenance, when owner Bill Krzastek bought the P1800 in England, it was in pretty rough shape. The Volvo underwent a nine-month restoration to get it back into shape, which included some new body panels and wheels. Krzastek claims that much of the interior is original, though.
Krzastek comes off has a little bit nerdy, but you have to give him credit. He absolutely loves his Volvo and knows something about practically every detail of his car's history. Krzastek even refinanced his house to fund the purchase and restoration of the P1800. Although, with the right maintenance these old Swedes have been known to go millions of miles. Enjoy this look at one that was a star of the screen in the '60s.

Next-generation Volvo XC90 could wear the Embla nameplate

Volvo's next-generation XC90 will have a lot of firsts on its resume. It will inaugurate an evolution of the modular SPA2 platform that underpins the current model, it will be available with a new suite of driver assistance features, and it will reportedly adopt the Embla name. Citing a trademark application filed in Europe in 2021, British magazine Autocar believes it has uncovered the big SUV's new name. While a trademark or a patent filing is never a guarantee that a feature, a name or a car is right around the corner, we know that Volvo plans to ditch its alphanumerical naming system in the near future to start giving its cars real names. "We're going to give cars a name as you give a newborn child," explained outgoing company boss Hakan Samuelsson. He also confirmed the next XC90's name will start with a vowel. Embla, your author just learned, is the first woman created by the gods according to Norse mythology. Its etymology is seemingly lost to history. It appears that Volvo wants to build on the Thor's Hammer lights and continue putting its Swedish heritage front and center. Viewed in that light, Embla is a relatively good choice. It's reasonably easy to pronounce, even for folks outside of Scandinavia, and it's original; it's likely not a name that you hear on a daily basis. It's also relatively soft — Volvo Yggdrasil Recharge arguably has less of a ring to it.  Unofficial morsels of information allow us to piece together a vague idea of what to expect from the Embla. We hear the SUV will be loosely related to the Concept Recharge design study (pictured) that Volvo introduced in November 2021. If that's accurate, it won't look anything like the model that's currently in showrooms. It will be longer, higher off the ground, and built on a much longer wheelbase. Details about the powertrain are conflicting: some sources say the Embla will be entirely electric, while others believe it will also be available as a hybrid. Volvo is expected to unveil the Embla before the end of 2022, and the crossover will arrive in showrooms as either a 2023 or a 2024 model. An earlier report claims that production will take place near Charleston, South Carolina, where the firm currently builds the S60 sedan. And, to complete the history lesson: the first man created by the gods in Norse mythology was named Ask.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.