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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

5 thoughts about the 2024 Volvo C40 Recharge

BIRMINGHAM, Mich. -- The Volvo C40 Recharge is a quirky yet elegant little hatch with a lot to talk about. Along with the XC40, it’s the first rear-wheel-drive Volvo since the 1990s. The cabin blends Google power with Scandinavian simplicity. I think the C40 looks like an early crossover from the ‘80s. So yes, I have thoughts. Five of them. The design reminds me of the AMC Eagle Stay with me here. Am I the only one who thinks this looks like an AMC Eagle? ItÂ’s the big wheels — these diamond-cut silver and black rollers measure 20 inches — and the silhouette. A slightly lifted hatchback is a crossover these days, but it shares some of the quirkiness and car-like quality of the Eagle, which could be considered an early crossover. Tenuous design connections aside, the slab front end, LED headlights and prominent Volvo emblem conjure the requisite premium feel. It does look the part of an EV, which is a natural vibe for Volvos in general. They exude quirky sophistication layered over Scandinavian minimalism and sensibility. Not your flavor of vodka? You may have heard the Dodge Charger is now an electric vehicle. I had an odd charging experience With a few minutes to kill on a Saturday morning, I pulled into a ChargePoint station to try to grab some bonus miles. I didnÂ’t have much time, but the ChargePoint chargers were literally across the street from where I was going. Might as well be plugged into one if IÂ’m going to sit in the parking lot, drink coffee and read Autoblog on my phone. Alas, the driver screen read “initializing charging” but never consummated the charge. I unplugged and re-plugged. No dice. ChargePoint charged me $2 for the pleasure of hooking up my car and not charging for five minutes. Like I said, I was just killing time and didnÂ’t absolutely need the juice, so away I went. I try to make a point of charging EVs on public infrastructure for each test car, and the results are uneven. This C40 had been recently charged, so I tend to think it was just a ‘bad handshakeÂ’ between the car and the charger, which seems to be common for EV owners. I suppose it could have been user error, too. In these situations thereÂ’s a tendency to assign blame. IÂ’m not. IÂ’m just saying it didnÂ’t work. ItÂ’s a fun little thing to drive The single, rear-mounted motor delivers 248 horsepower and 310 pound-feet of torque.

2025 Volvo EX90 enters production after being delayed last year

After a delay of about eight months, Volvo's Ridgeville, South Carolina plant is now assembling the EX90 battery-electric SUV. Volvo's original plan was to get its new flagship in production toward the end of 2023 so that dealers might have models in showrooms early this year. There's also the reservation list, which filled so quickly that Volvo shut it down sooner than anticipated. However, after the car's November 2022 reveal, Volvo engineers confronted unexpected complexities with its software stack. In May 2023, the automaker officially delayed the start of production until the first half of this year. Part of the complexity was the brain in Volvo's EV push, the new VolvoCars.OS software platform running on a new "core computing" system developed with Nvidia and using the tech company's Drive Orin chips — the same chips Rivian uses for its new, streamlined electrical architecture in the Gen 2 R1 models. In Volvo's words, the core computing system "is made up of three main computers. These support each other in operating vision processing and artificial intelligence, general computing and infotainment respectively," this fundamental change in vehicle brain layout allowing the automaker "to gradually separate hardware from software. This means the company can introduce more frequent hardware cycles, so that new Volvo models can be equipped with the latest available hardware." Rowan said he believes the delay will ease the path for what's coming; the code written for the EX90 will see use elsewhere in the lineup, what the coders learning during this hiccup serving the automaker all the way through to an eventual transition to the Global Product Architecture that will succeed the EX90's SPA2 architecture. Back to the South Carolina plant, the first customer car off the line, done up in Denim Blue, will be delivered later this year. The plant's got more good news as well from the other vehicle it builds, the S60 sedan, with year-to-date sales up 255% compared to 2023. Related video: 2024 Volvo EX90 exterior and interior walkaround review