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Volvo to use Oz as test bed for more Polestar models?

We've already told you about the slightly more awesome version of the Volvo S60 that our friends Down Under can now get their hands on. And according to Aussie site Drive.com.au, Volvo may look to the land of Oz for future testing of new, Polestar-tuned, high-performance models.
Volvo has reportedly confirmed that this S60 Polestar run will be an exercise in testing the acceptance of the Swedish tuner's presence as a proper competitor for things like BMW's M division or Mercedes-Benz's AMG. (A tall order, for sure.) "The world is watching this exercise with much interest," Volvo Cars Australia boss, Matt Braid, told Drive.com.au.
Hans Baath, Polestar Managing Director, reportedly hinted that the tuning house had already begun work on a hotter version of the V40 hatchback, but the project was scrapped in order to get the S60 program rolling. If there's success to be found here, this smaller hot hatch could be revisited, as well as a more powerful version of the XC60 crossover.

Volvo Cars plans $20 billion stock IPO this month, sources say

STOCKHOLM — China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was penciled in for the end of September. Goldman Sachs and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available. Geely, which bought Volvo from Ford more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Traditional carmakers have fallen out of favor in recent years, as Tesla has risen to be one of the world's most valuable companies, putting the focus on electric vehicles. Many European firms have pivoted toward the electric sector, including Volvo, which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar. Valuation Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion. A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook. A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler and BMW. Tesla's valuation is more than 70 times that. NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion. "The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said. For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

Volvo to build range-topping S90 sedan in China

Volvo is furthering its deep ties in China by announcing a major expansion to its factory in Daqing that will equip the site to build its future S90 sedan. The automaker is promising to make the plant, "one of the most advanced car making facilities in China," according to its press release. Unfortunately, the company isn't specifying the amount being invested or how long the work will take.
Because the northeastern Chinese city of Daqing owns about 37 percent of the automaker, the location for the significant expansion isn't entirely surprising, especially since Geely owns a majority stake in the Swedish brand. The existing factory there employs about 700 people to build the original XC90 for the local market, but the upgrades will allow the plant to handle Volvo's Scalable Product Architecture modular platform.
To be fair, Volvo doesn't specifically call out the S80-replacing S90 by name in its announcement. However, it promises the first vehicle built in Daqing after the expansion will be a new premium sedan, and the upgrades will allow the plant to make "most innovative vehicles in its product range," and the range-topping sedan is widely expected to adopt the S90 moniker.