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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

Volvo Concept Recharge full of sustainable materials

In June, Volvo showed us the conceptual exterior of its future vision in a swoopy wagon-like package called the Concept Recharge. The Swedes are now ready to show us the vision's interior and tell us what it's made of, calling it "a manifesto for Volvo Cars' future." With the context being Volvo's aim of selling only EVs by 2030 and being carbon neutral by 2040, the battery-electric Concept Recharge is a way for the automaker to get there and look stylish while doing it. It starts and nearly ends with employing sustainable, recyclable materials everywhere. Outside, the front and rear bumpers and the rocker panels are fashioned from flax composite. Only six percent of the materials in the specially developed Pirelli tires come from fossil resources, the rest from recycled and renewable materials like natural rubber, bio-silica, rayon and bio-resin. Every aspect of the bodywork has been shaped to increase aerodynamic efficiency, from the wheel design to the compact, upright rear end. Efficiency will also be a key development for the batteries. Volvo hasn't mentioned those yet in regard to the concept, but we know the company doesn't simply want to add more cells to increase range, since that adds weight and increases a vehicle's carbon footprint. Volvo is working with Swedish firm Northvolt on more energy-dense battery packs with shorter charging times. Inside, the Concept Recharge takes an evolutionary leap from the sustainable cabin now available in the C40 Recharge. The seat backrest and top of the instrument panel are dressed in "responsibly sourced Swedish wool" woven into a breathable, additive-free cloth. The seat bolsters and door panels areas that will see a lot of contact are covered in Tencel, a soft-touch yet durable cellulose fiber product. The floor and lower doors are wrapped in 100% wool. The seatbacks, the fronts of the headrests, and part of the steering wheel are covered in a material Volvo developed called Nordico. The company's being secretive about the composition, only telling us that Nordico's been created out of recyclable ingredients found in sustainable forests. And flax composite shows up again inside in the storage pockets, the back of the headrest, and the footrests. The automaker says that if the Concept Recharge's battery is charged using renewable energy, it would contribute less than 10 metric tons of CO2 over the wagon's lifespan. The U.S.

Google's new HD Maps to launch with Volvo EX90 and Polestar 3

Volvo and sister company Polestar will be partners in launching Google's new HD Maps service -- an integrated solution designed specifically for automotive applications that pulls realtime data to improve vehicle navigation. The new tech will launch in Volvo's all-electric EX90 and the Polestar 3. HD Maps will integrate sensor data with real-time traffic information to better enhance route planning and will talk to the onboard Pilot Assist semi-autonomous suite to provide highly accurate information about the vehicle and its surroundings. Volvo says the new suite will be available on models equipped with its Pilot Assist system. "The addition of Google HD Maps in our future car lineup marks an expansion of our strategic collaboration with Google, reflecting our commitment to work with technology leaders," says COO and Deputy CEO Javier Varela. "Implementing Google HD Maps in our upcoming cars will help us offer our drivers a more enjoyable driving experience and in future contribute to the introduction of safe autonomous driving." "Building on our long history of mapping the world, Google’s new HD map is designed specifically for automakers and provides comprehensive lane-level and localization data that is crucial to powering the next generation of assisted and autonomous driving systems," says Jorgen Behrens, VP and general manager of Geo Automotive, Google. "WeÂ’re excited to continue partnering with leading automakers like Volvo Cars to improve the safety and comfort of drivers everywhere." Volvo's existing relationship with Google brought us the Android Automotive operating system (not to be confused with Android Auto, the app) currently rolling out across the brand's lineup. In fact, the two companies announced that the latest over-the-air update the company will deploy includes Google Assistant updates. It is expected to reach 350,000 customers worldwide.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.