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New electric Volvo crossover on the way, to be built in the U.S.

Automotive News reports that Volvo has a new electric crossover coming, the intel relayed by "two sources familiar with the plans." Said to be codenamed V546 at the moment, the new product is said to slot in between the XC60 and XC90. If size is a factor in its tweener placement, the XC60 is 185 inches long, the XC90 195 inches long, so the V546 could be about the length of the 189-inch Ford Edge. The sources claim it will ride on a new electric platform, which could be SPA2 bones that will support the coming electric XC90 and that the Concept Recharge electric crossover study (pictured) sits on. The Swedish automaker debuted the Concept Recharge in June last year as a template of future styling cues, sustainable materials, and advanced infotainment and autonomous technology. The AN piece says we'll see that some design and tech transfer into the V546. Out of a global production of about 100,000 units, 40% will be allotted to Volvo's plant in Ridgeville, South Carolina, to serve the North American market, starting in early 2025. That leaves an available capacity of 110,000 units out of the plant's 150,000-unit annual cap. The four-year-old plant builds just the S60 sedan at the moment — turning out roughly 23,000 units last year — but is transitioning to an all-EV assembly operation. Before the V546 arrives in three years, the Ridgeville facility will add the battery-electric version of the next-generation XC90, thought to be called the Embla, and the battery-electric Polestar 3, both hitting the market in 2023. Volvo Cars CEO Hakan Samuelsson has said Ridgeville will "be the only plant in the [Volvo Cars Group] which only makes full-electric cars."  And although it's fallen off the radar, we're still anticipating the new flagship XC100 to debut in 2023 as well. AN's Future Product Pipeline says the top model will come in six- and seven-seat layouts akin to what BMW and Range Rover do, with the six-seater bolting up captain's chairs in the second row. Ridgeville also gets the nod for this one, production said to begin in early 2023.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 C40 Recharge crossover

Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.

Volvo vows to charge subscriptions only for major updates

Volvo Cars Chief Operating Officer Bjorn Annwall   BMW veered into a public-relations mess this year when it started charging car owners monthly subscription fees to warm their behinds. Volvo Car won’t be making similar moves. “If you are to charge for software updates, it must be a step change in consumer benefit,” VolvoÂ’s Chief Operating Officer Bjorn Annwall said in an interview this month. “We will not ask people who have bought a car for 1 million kronor ($96,500) to pay another 10 kronor to get extra heat in the seat.” While BMW will no doubt have other manufacturers follow in its footsteps — Mercedes-Benz recently started asking buyers of its EQ electric vehicles to fork over $1,200 a year to unlock quicker acceleration, for example — the auto world has started to second-guess just how much money there is to be made from the rise of software within their hardware-intensive business. In a 91-page deep dive into the topic last month, analysts at UBS pegged the total addressable market at $700 billion by 2030. ThatÂ’s no pittance, but pales in comparison to the $2 trillion opportunity they anticipated previously. Annwall sees Volvo generating little additional revenue from software until mid-decade. Only if major upgrades become available — a self-driving mode, for example — would Volvo charge extra. “You donÂ’t have to hold the steering wheel — now thatÂ’s a step change in user benefit.” Annwall was speaking at the opening of VolvoÂ’s new tech hub in Stockholm, where the manufacturer builds software for selling and marketing cars online. The company, which last month unveiled a battery-powered sport utility vehicle to succeed its gasoline-era flagship, intends to cease making combustion cars by the end of the decade. ItÂ’s going to be an uphill push: EVs made up just under a fifth of the companyÂ’s shipments last month. Bloomberg spoke with Annwall about VolvoÂ’s tech efforts, the software issues that have plagued some of its competitors and the ongoing supply-chain issues holding back the industry. Here are highlights from the conversation, which have been edited for length and clarity: Large automakers including Volkswagen have had problems with their car software. Have you experienced similar obstacles? I wonÂ’t hide the fact that we have had some problems with our software in the car as well. But weÂ’ve been good at correcting them fairly quickly.