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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

Irv Gordon's Volvo P1800 has reached 3 million miles

While we were seated at our desks like good worker bees yesterday, Irv Gordon was continuing his assault on the record books. Gordon, if you recall, is the original owner of a red 1966 Volvo P1800 (owner and car shown above), and yesterday, Volvo says the coupe's odometer clocked its three-millionth mile. The miracle mile occurred on the Seward Highway in Alaska, one of only two states that Gordon had never visited.
It took the New York native more than 20 years to hit his first million miles in 1987 and another 15 years to achieve two million miles in 2002, but a road trip to Alaska will further cement his place in the record books as the car surpasses three million miles. Gordon has almost doubled the 1.69-million mile distance that helped him win a Guinness Book of World Records title for the most miles logged on an originally owned car, and this new momentous distance proves the durability of both man and machine. For more information on Gordon's feat, scroll down for a Volvo press release or check out a website set up to celebrate his latest milestone.

1969 Volvo P1800 gasser wins 2021 Hot Wheels Legends Tour

Hot Wheels has announced the winner of the 2021 Legends Tour: it's a 1969 Volvo P1800 gasser owned by England-based Lee Johnstone. Built from a bare shell, the V8-powered hot rod will join the toy manufacturer's catalog of 1/64-scale model by the end of 2022. Designers and key figures from the automotive industry chose the P1800 after looking at contestants from 11 countries on five continents. The list of finalists also included a 1991 Porsche 911 turned into a Baja race car, a 1969 Dodge Charger fitted with extra-wide tires and powered by a Richard Petty V8 engine tuned to 740 horsepower, and a 1968 Mercedes-Benz 250S called High Class that rides on a frame sourced from a 1984 Chevrolet S-10. Substantial skill and originality went into each build, but Johnstone's hot rod stood out above the rest. "The Volvo Gasser is a wonderful expression of authenticity, creativity, and most importantly garage spirit," said Ted Wu, the vice president and global head of design for vehicles at Mattel. Wu was one of the panelists that picked the P1800. Johnstone explained his P1800 was little more than a rusty shell that was too far gone to restore when he acquired it. Instead of scrapping it, he decided to build it into a gasser powered by a 454-cubic-inch V8 plucked from the Chevrolet parts bin and supercharged to develop around 600 horsepower. Fitted with dual four-barrel carburetors, and nicknamed "Ain't no Saint," it reportedly runs a 10.01-second quarter mile at 133 mph. Johnstone regularly races the P1800 in the United Kingdom with help from his three daughter and his wife, Sue. Hot Wheels is scheduled to release the P1800 in late 2022, Autoblog learned from a spokesperson. Turning a car into a toy is a surprisingly lengthy and meticulous process that involves collecting numerous photos, converting them into sketches (and, if needed, tweaking some of the proportions to better fit the 1/64 scale), making a 3D digital model using a software called Freeform, and printing test cars. Check out our live stream on the new game Hot Wheels Unleashed: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 1969 Volvo P1800 gasser (2021 Hot Wheels Legends Tour winner) Aftermarket Toys/Games Volvo Hot Wheels