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Volvo Cars plans $20 billion stock IPO this month, sources say

STOCKHOLM — China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was penciled in for the end of September. Goldman Sachs and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available. Geely, which bought Volvo from Ford more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Traditional carmakers have fallen out of favor in recent years, as Tesla has risen to be one of the world's most valuable companies, putting the focus on electric vehicles. Many European firms have pivoted toward the electric sector, including Volvo, which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar. Valuation Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion. A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook. A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler and BMW. Tesla's valuation is more than 70 times that. NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion. "The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said. For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

We dialed a random Swede, talked about not driving Volvos

The Swedish Number is now a thing. It's a cool thing. You dial, a random Swede picks up, and you chat. Or, in my case, you dial and a random Brit living in Sweden for the past six year picks up and you chat. Since I was calling on behalf of Autoblog, when I got Martin from the small coastal town of Sundsvall, on the phone, we talked about cars, Volvos (natch), and cold-weather testing. Oh, and about plugging in his regular Toyota Prius. ABG: I was able to come to Sweden and test Volvos a month or so ago. Do you drive a Volvo? Martin: [laughs] No. I think Volvo is a fantastic car. It truly is an amazing car, but no. My girlfriend has a company car, so we drive a hybrid Toyota Prius. ABG: And how does that work in the cold winters? It obviously cuts down on the environmental problems. Martin: No problem at all. Because we have these cold winters, like you do get in the States as well, where we park our cars, we've got electricity posts where we can plug in the cars. Motor car engines have a heater, so you can have the heater going for some time before you get into the car. So it warms up the engine and there's a socket inside the car to warm up the inside of the car as well. It's very efficient. You just need to remember to set the timer when you climb out of the car and connect the cable. It obviously cuts down on the environmental problems as well because your car is already warm before you start them. ABG: I know that makes them overall more efficient, I just didn't know it could work with any car. It used to be you would keep the diesel engine blocks warm, but this works for pretty much any car in Sweden? Martin: Yes. Our temperatures here can vary. We do tend to get roundabout -18 to -25C [0 to -15F], where I live, sometimes. Normally, in the winter, we always plug the car in to make it more environmentally friendly, for starters, and then it's a nice warm car when you get in. The coldest I remember it getting here was -36 [-33F]. In the north of Sweden they've had, on record, -56 [-69F]. ABG: That's too cold. Martin: That is cold, yeah. Most countries, now, use the north of Sweden to test their cars because of the ice. Volvo S90 Prototype View 15 Photos ABG: That's actually why I came over there, to test out the new XC90s and S90s. Martin: Is that your job, then? ABG: I don't test the cars for the companies, but I test them for Autoblog. They'll invite us to test the vehicles so we can see for ourselves what the vehicles do in cold weather.

2020 Volvo XC90 Inscription Interior Driveway Test | A lesson in minimalist luxury

We tend to love Volvo interiors. They’re beautiful, simple, inviting and a relaxing place to spend time in. Designers needed to get it right, too, because Volvo has applied the same styling and design language to every vehicle in its lineup. WeÂ’re focusing on the flagship today: the 2020 Volvo XC90 T8 Inscription. Since our tester is the Inscription trim, that means itÂ’s the most luxurious version of the bunch (Momentum and R-Line are the two others). Some highlights include perforated Nappa leather seats, a “tailored dashboard,” Gray Ash Wood trim inlays and the Orrefors crystal shift knob.  Our car had the Charcoal interior scheme to play along nicely with the trim. The contrast between the light wood trim and gray stitching with the black leather is pleasing to the eye. Volvo uses a gratuitous but not overwhelming amount of piano black trim to bring some shine to the interior. ItÂ’s nice to see and touch on the buttons, but gets dirty quickly around the flat gear lever area where dust tends to collect. Much of the dash is left blank in a nod to minimalism. WeÂ’re left with a large nine-inch touchscreen oriented vertically in the center, just like every other Volvo on sale today. This is flanked by the center air vents. ThereÂ’s little to no styling going on with the vents, which seems like a missed opportunity. Regardless, we dig the layered and nicely-stitched dash that comes with the Inscription model. Also nestled into the dash is this crossoverÂ’s 12.3-inch digital instrument cluster. ItÂ’s basic in its visuals, but plenty effective at conveying important car information. We like the more vibrant and customizable clusters from Mercedes-Benz and Audi a lot, but this one gets the job done and it isnÂ’t distracting in the least bit. Volvo has your back when it comes to comfort. Our tester has the Luxury Package, so itÂ’s equipped with massaging front seats, heated rear seats and a heated steering wheel. Additionally, Volvo finishes the headliner in Nubuck, and the grab handles and visors get leather. Unlike everybody else, Volvo allows you to choose between three levels of heat for the steering wheel. ItÂ’s noticeable to our hands, and is great when you want to add a little heat into your fingers without being scalded. As for the massage, itÂ’s backrest only. We wish it was back and bottom, but at least the programs available for your back are soothing.