2001 Volvo V70 T5 Turbo Wagon -low Orig. Miles, Clean History, Well Maintained! on 2040-cars

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China's Geely to add $4.6 billion battery plant in EV push

BEIJING — Geely said on Monday it would build an electric vehicle battery factory with a planned annual manufacturing capacity of 42 gigawatt hours (GWh) in China's eastern city of Ganzhou, as it expands its EV lineup in the world's biggest car market. For comparison, the Tesla-Panasonic Gigafactory in Nevada announced an expansion last fall to just under 40 gigawatt hours. The total investment in the project by Geely's technology arm will be 30 billion yuan ($4.6 billion), according to a separate statement from the local government. Geely's technology group has previously invested in Ganzhou-based EV battery maker Farasis. The planned factory comes after Geely announced a flurry of tie-ups in January aimed at turning the automaker into a leading EV contract manufacturer and engineering service provider, as it fights the incursion of EV leader Tesla. Geely, which owns Volvo Cars and a 9.7% stake in Daimler AG, is competing with Great Wall and Nio, among others. China's government has heavily promoted new energy vehicles (NEVs) — such as battery-powered, plug-in petrol-electric hybrid and hydrogen fuel cell cars — in response to chronic air pollution, spurring interest from technology companies and investors alike. China forecasts NEVs will make up 20% of its annual auto sales by 2025 from around 5% in 2020.   Green Plants/Manufacturing Volvo Electric Geely

Embrace one-pedal driving in EVs and PHEVs

I just came back from a trip out to California, where I was able to drive the new 2022 Volvo XC60 Recharge in its new extended-range form (you’ll find that review on Autoblog tomorrow). One of the newly-added headline features for this plug-in hybrid SUV is true one-pedal driving. This is one-pedal driving in a PHEV, not a full battery electric vehicle, and as of now, one-pedal driving in PHEVs is exceedingly rare. Other plug-ins may offer levels of braking regeneration, but one-pedal driving is typically a feature reserved for full EVs. Adding the feature to the Volvo is a huge boost to the driving experience for me, and I sincerely hope we see it in even more PHEVs soon. In case youÂ’re new to the one-pedal driving game, hereÂ’s a quick explainer. ItÂ’s called “one-pedal” because most of the time, youÂ’re only using one pedal to accelerate and decelerate. Press in to accelerate; let off evenly and gently to decelerate via regenerative braking. The trick at the end is in slowing down the final few mph and bringing the car to a stop smoothly, which typically requires some practice and time spent figuring out how best to modulate the throttle pedal. Once youÂ’re stopped in a car with one-pedal driving, it should hold itself in place when you have your foot off the throttle, allowing you to relax your legs at lights. Applying pressure to the brake pedal would be unnecessary so long as traffic doesnÂ’t necessitate quicker deceleration than what the car is capable of via letting off on the throttle. The point, of all of the above, is that one-pedal driving in an EV or PHEV simply makes driving easier. Once you learn the car, not having to swap back and forth between the throttle and brake pedals makes stop-and-go traffic (or any kind of driving) a lot more relaxing to manage. The point of this story is to call out the lack of this feature in some EVs and nearly all PHEVs. Some of you may have already hit the comments to voice your disdain for one-pedal driving, but do note, while IÂ’m advocating for the feature to be present in all EVs, IÂ’m not advocating for it to be a required always-on feature. In fact, you should be able to turn it off and on at your whimsy. Many car manufacturers already offer one-pedal driving in their EVs, but companies like VW, Audi, Porsche and to a certain extent, Mercedes, do not. This is slightly irritating, mostly because those companies make some of the most desirable EVs on the market today.

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.