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Volvo Cars to dilute stake in EV maker Polestar

Volvo Cars said on Friday it plans to distribute 62.7% of its stake worth 9.5 billion crowns ($920.17 million) in Swedish electric vehicle manufacturer Polestar Automotive Holding to its own shareholders. After completion of the proposed distribution, Sweden-based Volvo Cars said it will retain an 18% stake in Polestar. The heavy involvement by Sweden-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticized by analysts who see the stake as a drag on Volvo's resources. "As we have significant operational collaborations with Polestar and a financial relationship, it is logical for us to retain influence through a smaller 18% stake in Polestar," said President and CEO of Volvo Cars Jim Rowan. The company said it has a financial relationship with Polestar through an outstanding convertible loan of $1 billion. China's Zhejiang Geely Holding, which is a majority owner of Volvo Cars, will continue to provide operational and financial support to Polestar. The stake distribution will be made through a 2:1 share split, followed by an automatic share redemption process, Volvo Cars said. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Polestar O2 Concept revealed with autonomous drone footage

Tony Nicolosi confirmed as Volvo's North American CEO

This past October, John Maloney stepped down from his post as CEO at Volvo Cars North America. In his place, the Swedish automaker tentatively promoted Tony Nicolosi, who had until then served as head of Volvo Car Financial Services. The appointment was reportedly temporary, giving Nicolosi the title of acting CEO. But according to Automotive News, his position has now been confirmed for the long run.
Although Volvo has yet to announce a new director for its financial arm, Nicolosi says they have found the right person and will announce sometime between now and the National Automobile Dealers Association convention, set to take place later this month in New Orleans.
Last month, Volvo also announced that its global communications chief Bodil Eriksson is moving from the home office in Gothenburg to the North American office in Rockleigh, New Jersey. Anders Kärrberg has been promoted from the government affairs post to take Eriksson's place.

How the new Volvo EX90 electric SUV adds revolution to the evolution

The all-new, all-electric Volvo EX90 does not appear to be radically different from the XC90, the vehicle it will eventually replace. It has nearly the same dimensions, inside and out. It sports familiar, familial design cues, including T-shaped “ThorÂ’s Hammer” headlights, a squared-off hood and roofline, sharply-swaged and deeply-scalloped flanks and tall taillights that fringe the hatch. Inside, three accessible rows of seats are done up in an upscale Scandinavian Modern motif, like an Arne Jacobsen furniture showroom. But if one looks closely, one begins to notice key differences. First, there is the blunt, closed snout up front. It may be grille-less, but itÂ’s still bedecked with VolvoÂ’s Iron Mark. Then, dead centered above the rearview mirror, like a pair of reading glasses canted atop oneÂ’s forehead, is a protruding hump. These hint at the EXÂ’s most comprehensive distinctions from its predecessor. The new full-size crossover is engine-less, the first Volvo to be built on an all-new battery-powered electric vehicle platform. And housed in that hump, is another first, the initial consumer vehicular integration of a functional lidar — like radar, but using light instead of sound waves — used to allow the carÂ’s advanced driver assistance systems (ADAS) to “see” further down the road, even around bends and through some objects. Eventually, allegedly, it will also allow for “unsupervised driving” capabilities. Both of these features are signifiers of VolvoÂ’s latest, but ongoing, missions. The first is its commitment to a full electrification of its entire passenger car fleet, which it plans to accomplish by the end of this decade. The second is the brandÂ’s well-known leadership in vehicular safety. Volvo claims that its new suite of sensors (16 ultra-sonic, eight cameras, five radars and the lidar) can help prevent 10% of vehicular collisions and 20% of serious injuries, part of the brandÂ’s mission to prevent anyone from being killed or seriously injured in a Volvo. ThereÂ’s even a group of sensors monitoring the driverÂ’s wellbeing to make sure theyÂ’re not sleepy or wasted, while concurrently scanning the passenger compartment to ensure that no child or pet was left behind due to that aforementioned tired or inebriated state. If they forget, theyÂ’ll get an alert on their phone, which is also their key, and the A/C or heater will automatically turn on so the precious (yet forgotten) cargo doesnÂ’t bake/freeze.