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Volvo sets high carbon price to assess sustainability of new projects

GLASGOW — Swedish automaker Volvo said on Wednesday it had set a price on carbon emissions from its operations of 1,000 Swedish crowns ($116.30) a tonne, part of attempts to ensure all future projects are sustainable. Announcing the move at global climate talks in Scotland as it joined an imitative to phase out fossil fuel cars and vans, the company said it had deliberately set a relatively high price to "future proof" itself. Negotiators at the COP26 talks are trying to finish rules to create an international carbon market. Put simply, it would allow some countries to pay others to cut emissions — with the aim of pushing much-needed cash into green projects around the world. Volvo said it was the first automaker to set such a price across its whole operations, as part of its aim to be a climate neutral company by 2040. The price is double the current cost of carbon in the European Union's carbon trading scheme. Going forward, every new car project would go through a "sustainability sense-check", with a carbon price assigned throughout the life of the vehicle, to ensure it would be profitable even under a much higher government-set price. “A global and fair price on CO2 is critical for the world to meet its climate ambitions, and we all need to do more,” Bjorn Annwall, chief financial officer, said in a statement. “We strongly believe progressive companies should take the lead by setting an internal carbon price. By evaluating future cars on their CO2-adjusted profitability, we expect to accelerate actions that will help us identify and reduce carbon emissions already today.” Also on Wednesday, Volvo signed up to the Glasgow Declaration on Zero Emission Cars and Vans, along with peers including Ford and General Motors, aiming to end production of internal combustion engines by 2040. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Volvo planning an electric sedan prototype perhaps called ES90

The Automotive News future product pipeline indicates Volvo's planning to begin production of an electric version of the S90 sedan in late 2024, with sales to begin in 2025. The car is definitely coming, and could be here on the early side. Swedish outlet Teknikens Varld (translated) got eyes on a post from Volvo's internal website celebrating the completion of a verification prototype (VP) of a car internally called the V551, publicly expected to be the ES90. Workers at Geely's Cixi Assembly Plant south of Shanghai marked the arrival of the car in a photo under a banner reading, "Volvo Cars V551 First VP Car Celebration," in front of a vehicle covered by a tarp stamped with "Confidential Top Secret." We don't know the production model will be called ES90, but the naming scheme fits if using the EX90 as a guide. Volvo applied to trademark the name, the potential hitch being that Lexus has indicated its displeasure with Volvo putting an ES model on the market since Lexus has its long-lived ES-followed-by-a-number sedan.     Volvo documents leaked online last year point to a body sized between the short- and long-wheelbase versions of the gas-powered S90 (pictured above), sitting on the same SPA2 platform as the recently introduced EX90. Dimensions come in at 196.4 inches long, 76.6 inches wide, and 60.9 inches high on a 122-inch wheelbase. This would make it four inches shorter than the current S90 long-wheelbase, the only version sold anymore, 1.7 inches wider, and 3.2 inches taller, with a wheelbase 1.5 inches longer. If this is how it turns out for production, the ES90 will be 1.5 inches shorter than the EX90 but have a wheelbase 2.5 inches longer — a chauffeur special for the Chinese market, perhaps. A 111-kWh battery pack (107 kWh usable) would be the same spec that powers the EX90, the ES90 in rear-drive trim expected to be good for nearly 600 kilometers (373 miles) on China's CLTC vehicle regimen. We need clarity on other rumored specs like a powertrain making 455 horsepower and 523 pound-feet, a curb weight of 5,511 pounds for an RWD trim and 5,732 pounds for dual-motor AWD.

Volvo Cars' earnings top pre-pandemic levels in boost ahead of possible IPO

STOCKHOLM — Volvo Cars reported a return to profit in the first half as demand for electric cars pushed earnings above pre-pandemic levels, putting the carmaker on a firmer footing as it considers a possible IPO this year. Sweden-based Volvo, owned by China's Geely Holding, said on Friday it made a first-half profit of 13.24 billion Swedish crowns ($1.52 billion), more than double its profit of 5.52 billion crowns in the corresponding period of 2019, before the coronavirus struck. Like several other automakers Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year's plunge during the pandemic helped first-half revenue rise by 26% to 141 billion crowns. "The pandemic effect, when it comes to our business, we don't see it anymore," Chief Executive Hakan Samuelsson told Reuters. "All our employees have not been vaccinated yet, but sales and production are really back to where we were." The company, which is eyeing an initial public offering before the end of this year, said all its regions showed solid growth and improved market shares, with chargeable cars representing 25% of total sales. Samuelsson said the evaluation process ahead of a potential IPO was progressing according to plan, adding the firm was still considering listing on the Stockholm stock exchange in the second half of 2021. "The company stands stronger than ever and we are in the midst of a very substantial transformation ... It has to be financed and access to the stock market is of course positive then," Samuelsson said. Volvo Cars had been heavily affected at the start of the pandemic, plunging to a 989 million loss in the first half of 2020. The company on Friday kept its second-half outlook for flat sales and revenue growth year on year, "unless supply of semiconductors improves". It said earlier this month that first-half sales rose 41% to 380,757 cars. The Gothenburg-based firm plans to become a fully electric car maker by 2030, sell 600,000 battery electric vehicles at mid-decade, and build a European battery gigafactory in 2026. ($1 = 8.6821 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard and Susan Fenton) Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvo introduces 2022 C40 Recharge crossover