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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.

Watch this Volvo truck drive up a quarry road using hamster-powered steering

Volvo Trucks has been producing some of the most interesting and thrilling commercials around as of late, and this new one involves a live hamster. While you may wonder how could a hamster and a dump truck could be exciting, just know this ain't a Kia Soul commercial: the Swedish truck company enlists the help of a hamster named Charlie to steer an FMX construction truck up a winding road in Ourence, Spain. From the bottom of a quarry. We are not kidding you.
All we ask is that you watch the commercial below to see how it all goes down. If you like what you see, you can then check out a bonus 'behind the scenes' video and press release for details about how Volvo Trucks prepared for the stunt.

Volvo EX30 interior is minimalism with clever tricks and a sound bar

Volvo's given us another piece of the battery-electric EX30 puzzle. Our first proper glimpse of the interior proves Volvo was not overstating its focus on minimalism in the EX30. We've gone years now accusing infotainment screen of looking like tablets bolted to the dashboard. The centrally placed screen in the EX30 doesn't resemble an iPad on an instrument panel, it looks like a genuine tablet laid on a shelf. We look forward to finding out whether it can be unlatched from the clip-like supports on the sides. The automaker says all information is presented through the 12.3-inch portrait screen, despite the small curved screen mounted to the steering column behind the wheel. Our guess is the small screen is a gear selection indicator, if it's not for tiny info bites like speed and navigation, akin to what's on the Volkswagen ID.4. The large screen offers a "Calm" setting limiting the display to vitals only, letting some welcome dark into the cabin. For the first time in a Volvo, wireless Apple CarPlay is part of the infotainment functionality. The instrument panel has as least one trick of its own, being a sound bar laid across the top, under the windshield — the same kind of sound bar you'd buy for an OLED television. The unit in the pic is from Harman Kardon; we're not sure if that's standard fit or if it's an upgraded unit that goes with the optional Harman Kardon audio that will be available. Volvo says the EX30 will be the first application of a sound bar in a production car, chosen in part because the bar's clustered speakers cut down on wiring and open up space elsewhere. That's right, the sound bar contains the only speakers in the cabin. The space in the doors where speakers normally go has been converted to storage. Speaking of which, the EX30 picks up a few tricks we saw first on the battery-electric Nissan Ariya. The Volvo's glovebox has slid sideways to the center of the IP, accessible to the driver without leaning over. The center console slides fore and aft, providing cupholders in easy reach or more space for notions. The power window controls are on the center console as well, we hope located on a segment that doesn't slide. Volvo one-ups the Ariya by placing protective walls around the console's storage area on the floor, so little items don't roll left and right.