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Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.

Volvo EX30 endures a side impact crash test with an EX90

Before Volvo launched the EX90, the Swedish automaker — already known as a pioneer in safety — repeatedly stressed how much work it had done to raise the bar for safety in its new electric SUV. Almost every new release included lines like, "The standard safety in the Volvo EX90 is also higher than any Volvo car before it," and "The Volvo EX90 has an invisible shield of safety enabled by our latest sensing technology, inside and outside." But these focused on the car's electronic suite of sensors and cameras watching everything from the road ahead and behind to the driver's state of fatigue. The company did the same during the launch of the EX30, writing that its new compact electric vehicle protects all occupants "through state-of-the-art restraint technology, as well as top-notch structural design that fulfills our ambitious in-house safety requirements — designed to prepare our cars for various real-world scenarios." To prove a point about the safety of the EX30, Volvo's in-house crash-test lab performed a side impact test, running its largest car, the EX90, into the side of its smallest, the EX30.  We don't get to see any interior view of the EX30 during the test or afterward. In an Automotive News Europe video about the crash and the results, Lotta Jakobsson from the Volvo Cars Safety Center says the data showed that the two "small-sized females" sitting on the struck side "were well protected" in the crash, with minimal infliction of injury. The physical design of both cars helps make this happen. The EX30 was designed to disperse all of its forces around the structure of the car for "balanced interaction" during an event. That's pretty standard stuff. On the EX90, a piece of the lower front structure juts ahead of the vehicle's primary safety structure. As ANE Managing Editor Doug Bolduc puts it, that lower structure is "specifically designed to help it absorb a lot of the power of a crash with a smaller vehicle ... that is to not only provide protection to the passengers of the EX90 but also to provide protection to the passengers of the EX30." The result is "less damage than you might have expected from the larger car onto the smaller car."  Check out the vid and for Jakobsson's take on how current trends in structural, passive, and active safety won't rid the world of crashes, but they are reducing injuries while at the same time making crashes less common.

Volvo EX30 Deep Dive: Designing a budget SUV

We just spent a couple days with, in and around Volvo’s latest all-new electric vehicle, the EX30, at the companyÂ’s headquarters in Gothenburg, Sweden, and we came away impressed. We went in with questions, and came out with answers, or so we think, though some of them will remain until we drive it in November. A number of automakers are promising truly affordable EVs, ones that not only undercut the current, $4,600 price differential between new battery-powered cars and their internal combustion powered siblings, but ones that are significantly lower than the general average new car transaction price, which is currently nearly $50,000. Mass market EVs like this are important, if we are to make a real environmental impact with our switch to battery power, as there is little that is green about the resource-hoarding production and utilization of niche, six-figure, five-ton electric pickups and SUVs. Volvo aims to be first to market with such a car, with the compact EX30, which it plans to sell starting at $35,000. This is a new category offering for the brand, one that slots in well below the current XC40 Recharge EV in terms of price and size. For contrast, that car starts at around $50,000, and is 8 inches longer, 4 inches higher and nearly 3 inches wider. Volvo EX30 View 22 Photos This seems like a strange move for a company whose mission, since being purchased by the Chinese manufacturing company Geely, has been to move upscale into the same consideration set as the luxury German brands. But, as is often the case, Volvo is taking its own path. “This is indeed a lower segment for us,” says Joakim Hermansson, the vehicle product lead for EX30, as he walks us around the car, inside and out, and allows us to sample the sharp accelerative abilities of the range-topping, 442 hp, dual-motor, all-wheel-drive model (0-60 in 3.4 seconds.) “But itÂ’s still premium for Volvo, providing hallmark features of safety, sustainability and personalization, as well as performance.” He's not wrong about any of these. This EX30 comes standard with VolvoÂ’s extra-strength safety cage as well as lane-keeping, adaptive cruise control and blind spot monitoring. Perhaps most notably, it has an all-new interior design that capitalizes on the efforts the brand has been making toward its internal goal of being fully circular in its sustainability efforts by 2040.