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Volvo Cars hopes to raise $2.9 billion in its stock IPO

STOCKHOLM/LONDON — Geely-owned Volvo Cars plans to raise 25 billion Swedish crowns ($2.9 billion) through an initial public offering (IPO), the Swedish carmaker said on Monday of what would be one of Europe's biggest listings this year. Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder. In 2018, Volvo Cars and Geely, which also owns an 8.2% stake in Sweden's Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks. "Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitization," the Swedish company said in a statement. Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric models by 2030. Volvo said is targeting an operating margin of between 8% and 10% by 2025. It is also aiming for annual sales of 1.2 million cars, up 56% from the 770,000 it sold in the 12 months to June 20 this year. Electric push The carmaker said it expects 50% of sales to be fully electric cars by the middle of the decade and that 50% of sales will be made online rather than in dealerships. Volvo Cars said earlier on Monday that its sales in September fell 30% from a year earlier, dented by the global components shortage. Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion. Volvo Cars had previously said it was considering a Stockholm listing in the second half of 2021. A Volvo spokesperson on Monday said that the company had no comment on valuation or on how much of the business would be sold in the IPO. "There will be further information published in connection with the prospectus," she said. Electric-car maker Polestar, which is owned by Geely and Volvo, last week said it will go public by merging with a U.S.-listed special purpose acquisition company (SPAC) backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Volvo C40 Recharge charging

Volvo S60 Polestar entering limited production in Australia [w/video]

The Volvo S60 Polestar Concept may be entering limited production in Australia and, depending how the Aussies take to this Swedish super sports sedan, could then be made available worldwide. The news comes from Austrlia's GoAuto, which claims to have received early info from its sources inside Volvo and its tuning/motorsport arm, Polestar.
Polestar released a short teaser video this week (watch it below) of what appears to be the S60 Polestar Concept clipping the snowy apex of an ice track's turn. The only information given with the teaser were the words "Limited Edition. Soon in Australia." Unveiled last June, the S60 Polestar concept has since made the rounds at auto shows, visited Jay Leno's Garage, played on the track with its future competition, and even secured a home for itself with a buyer who reportedly is paying Volvo some $300,000 to own it.
The S60 Polestar Concept is about the meanest machine one can imagine making out of Volvo's sports sedan. Packing 508 horsepower and 424 pound-feet of torque from its heavily modified T6 engine, then routing those revolutions through a six-speed manual transmission to all four wheels, the S60 Polestar is said to cover the sprint to 62 miles per hour in 3.9 seconds. A lower and wider body, brakes by Brembo, suspension bits by Ohlins and a diet to delete some weight make this car a serious issue for M3 and C63 AMG owners everywhere. GoAuto's sources say the production version's performance will be dialed back a bit from the concept's, but we'll have to wait until Volvo and Polestar make this sedan's production official to find out by how much.

Volvo to convert all SUVs and sedans into EVs, develop electric luxury van

Volvo Cars is gearing up for an electric blitz to convert all its mainstay models — three SUVs and two sedans — into electric vehicles and to introduce a luxury electric van aimed at boosting sales in Asia, two people with knowledge of the plans said. The Swedish carmaker, 82%-owned by ChinaÂ’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters. Volvo has announced an objective to make its entire lineup fully electric by 2030. The companyÂ’s Australia unit has said it plans to sell only EVs in that market by 2026. The previously unreported product plans amount to the largest revamp of VolvoÂ’s model line-up since Geely acquired the brand from Ford in 2010. Under Geely, Volvo initially started to share technologies such as car platforms with Geely. The makeover for Volvo, a Swedish brand that built a reputation for safety and utilitarian design, follows from a greater focus on customer trends in Asia and a push to win sales there, the people said. The two people with knowledge of VolvoÂ’s planning asked not to be named because details have not been announced by the company. Geely declined to comment. Among the new battery electric cars being planned for the next four years is a Volvo-branded MPV or van that would be based on a vehicle GeelyÂ’s Zeekr brand sells in China. Called the Zeekr 009, the hulking, battery-electric van pictured above, which starts at about 500,000 yuan ($74,179), offers three rows of seating. The vehicle competes against the likes of the Toyota Alphard, a business or family van, with airplane business class-like seats for passengers that has proven popular in Asian markets such as China and Japan as a limousine alternative. Volvo has moved development work on sedans and the coming people-mover model to its Shanghai research and development hub, they said. That center, which has tripled its design staff to about 60 people, has recently moved to a new and larger building in Shanghai, one of the sources said. The first of VolvoÂ’s new planned electric models, the EX90 sport-utility crossover, was unveiled late last year. It is expected to hit showrooms in early 2024. Other battery electric cars in the pipeline include electric versions of VolvoÂ’s mainline products – the XC90, XC60 and XC40 crossover vehicles and the S60 and S90 sedans, the sources said.