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How the Chinese tycoon driving Volvo plans to tackle Tesla

HANGZHOU, China — "Do you know how big Volvo is?" asked Don Leclair, finance chief at Ford. It was 2008, and Leclair was responding to an offer from a little-known Chinese businessman to purchase the Swedish carmaker, which Ford owned. The businessman, Li Shufu, had a company with less than half Volvo's sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the "Glass House," Ford's iconic headquarters near Detroit, according to two people who were at the meeting. Ford's Leclair did not respond to requests for comment about the episode. Fast-forward to 2021 and Li Shufu's company, Zhejiang Geely Holding Group, is one of the biggest-selling automakers in the world's biggest auto market. It controls not only Volvo Cars but also a clutch of global auto brands, and a significant stake in German giant Daimler AG, the maker of Mercedes-Benz. These names are now part of its plans for a revolution in autos. Geely is preparing Volvo for a listing on the Nasdaq Stockholm exchange as a route towards the future of transportation: One where cars are part of an electrified network of mobility services, driving themselves, connecting to each other and — like cellphones — generating an array of data and new business opportunities. It's a vision more Silicon Valley than Detroit, where traditional automakers globally are chasing another giant — Tesla Inc. Li Shufu and his advisers eventually convinced Ford to part with Volvo in 2010 for $1.8 billion. It was the first in a string of deals, tapping brands such as Lotus, Smart and the London Electric Vehicle Company to form a network that he calls a "bigger circle of friends" across industry segments. Li Shufu sees them as building blocks to help Geely compete in a future where autos are not vehicles, but "service providers," he told Reuters in his management suite at Geely's headquarters in Hangzhou, eastern China. In that business model, cars will be available on subscription and offer services such as making payments and in-car apps. They will update their own software, and spawn opportunities in the same way as the mobile operating systems developed by Apple Inc and Google. "We are trying to create an automotive ecosystem similar to Android," he said. Li Shufu, 58, recently adopted a foreign first name - Eric - because he liked the sound of it.

Kia EV9 wins 2024 World Car of the Year and World Electric Car at New York Auto Show

The Hyundai Group refuses to release its kung-fu grip on winning prestigious vehicle awards, especially those for electric vehicles. In 2020, Kia took the overall World Car of the Year (WCOTY) title with the Telluride, won World Performance Car with the EV6 GT, and won the World Urban Car category with the Kia Soul EV. In 2021, after the Hyundai Group walked away with nothing but a free lunch, the Hyundai Ioniq 5 won the 2022 World Car of the Year laurels, plus World Electric Vehicle and World Car Design of the Year, followed in 2023 by the Hyundai Ioniq 6 winning the same three awards. Kia returns to the top step today, the new EV9 announced at the New York Auto Show as the 2024 World Car of the Year and World Electric Vehicle. Because the South Koreans like to do this in threes, the Hyundai Ioniq 5 N won World Performance Car.  One hundred automotive scribes from 29 countries tested 38 vehicles for the main prize. The qualifications for entry are that a car must exceed 10,000 units in production annually, be on sale in at least two major global markets, and be priced below the luxury options in their respective regions. The EV9 beat the BYD Seal and the Volvo EX30 to the WCOTY title. Thirty-two cars vied for honors in the electric category, the EV9 outdoing the BMW i5 and the Volvo EX30. The German and the Swede aren't leaving New York with nothing, however, as the BMW 5 Series and i5 won the World Luxury Car title, and the EX30 won the World Urban Car trophy.  The Hyundai Ioniq 5 N outdid 16 other performance cars. We're sure there are engineers in Germany looking hard into their beer right now, the Ioniq 5 N pipping the M2 and XM to the victory circle.  The surprise of the bunch is the inclusion of the Toyota Prius, the global hybrid icon thrashing 70 other entries to win the 2024 World Car Design of the Year award. The other two finalists? The Ford Bronco and the Ferrari Purosangue. Ladies and gentlemen, give it up for the Prius. 

2015 Volvo S60 T6 Drive-E [w/video]

The Swedes Bend Sixes And Fives Into Fours
With government agency pressures mounting, the auto industry's latest engine and powertrain trends invariably include the cobbling of heretofore eight-cylinder models into charged (either turbo- or super-) six-cylinder models, six-cylinders into charged four-cylinders and so on. And then there's the mating of these downsized engines to fuel-saving automatic transmissions with ratio counts previously reserved for bicycles and semi trucks. Volvo can at last follow suit with the best of Germany and Japan thanks in great part to an $11-billion multi-year investment by its Chinese owners, Geely.
After we survived the recent Frankfurt Motor Show marathon of news and reveals (chief among said bits being the stunning Volvo Concept Coupe), we were escorted by the Swedish automaker to the far less frenetic air of southern France to explore the most significant step yet in the company's new life. Volvo's entire movement of new tech is referred to as Drive-E, and it includes these all-new four-cylinder engines we just tested, a new modular architecture called Scalable Product Architecture (SPA) that will first be found under the next-generation XC90, along with a host of other onboard advancements. Think of it as a Scandinavia's version of Mazda Skyactiv, a total-systems approach to developing more efficient yet more sporting new models.