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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

1969 Volvo P1800 gasser wins 2021 Hot Wheels Legends Tour

Hot Wheels has announced the winner of the 2021 Legends Tour: it's a 1969 Volvo P1800 gasser owned by England-based Lee Johnstone. Built from a bare shell, the V8-powered hot rod will join the toy manufacturer's catalog of 1/64-scale model by the end of 2022. Designers and key figures from the automotive industry chose the P1800 after looking at contestants from 11 countries on five continents. The list of finalists also included a 1991 Porsche 911 turned into a Baja race car, a 1969 Dodge Charger fitted with extra-wide tires and powered by a Richard Petty V8 engine tuned to 740 horsepower, and a 1968 Mercedes-Benz 250S called High Class that rides on a frame sourced from a 1984 Chevrolet S-10. Substantial skill and originality went into each build, but Johnstone's hot rod stood out above the rest. "The Volvo Gasser is a wonderful expression of authenticity, creativity, and most importantly garage spirit," said Ted Wu, the vice president and global head of design for vehicles at Mattel. Wu was one of the panelists that picked the P1800. Johnstone explained his P1800 was little more than a rusty shell that was too far gone to restore when he acquired it. Instead of scrapping it, he decided to build it into a gasser powered by a 454-cubic-inch V8 plucked from the Chevrolet parts bin and supercharged to develop around 600 horsepower. Fitted with dual four-barrel carburetors, and nicknamed "Ain't no Saint," it reportedly runs a 10.01-second quarter mile at 133 mph. Johnstone regularly races the P1800 in the United Kingdom with help from his three daughter and his wife, Sue. Hot Wheels is scheduled to release the P1800 in late 2022, Autoblog learned from a spokesperson. Turning a car into a toy is a surprisingly lengthy and meticulous process that involves collecting numerous photos, converting them into sketches (and, if needed, tweaking some of the proportions to better fit the 1/64 scale), making a 3D digital model using a software called Freeform, and printing test cars. Check out our live stream on the new game Hot Wheels Unleashed: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 1969 Volvo P1800 gasser (2021 Hot Wheels Legends Tour winner) Aftermarket Toys/Games Volvo Hot Wheels

2013 Volvo C30 R-Design Polestar Limited Edition [w/video]

Last Hurrah Comes and Goes In A Hurry
It isn't very often that we drive a new car that's already out of production, but that's exactly what has happened with this 2013 Volvo C30. After just five years on the North American market, the last C30 quietly rolled off the assembly line back in December. But before that happened, Volvo decided to send its compact hatchback out on a high note with a little added performance and exclusivity courtesy of this R-Design Polestar Limited Edition model.
The term "hot hatch" is admittedly tossed around a lot these days, but the combination of an R-Design styling package coupled with a good number of extra ponies under the hood should be more than enough to put the C30 in the mix with the likes of the Volkswagen GTI and its not-too-distant cousin, the Mazdaspeed3. The chief problem with the Polestar Limited Edition, though, is that it's priced against sportier all-wheel-drive compacts like the Golf R and Subaru WRX STI, so we decided to spend a week with the Polestar to see if its exclusivity and performance are enough to make up for its higher price tag.