2012 Volvo Xc60 T6 Sport Utility 4-door 3.0l on 2040-cars

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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

Polestar gets $1.6 billion boost from Volvo, other big stakeholder

Polestar said on Thursday it had secured $1.6 billion in financing from its two main shareholders to help it deliver its growth plans amid volatile markets. Volvo, which co-founded the brand with China's Geely in 2017, said it would provide an $800 million loan to the firm. Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. Volvo, which owns just over 48% in Polestar, said its loan included options for Volvo to convert some of its loans to equity in a potential future equity raising by Polestar. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. The Sweden-based carmaker said the funding, alongside previously secured resources, would provide the company with sufficient funds through 2023. In June, Polestar was listed on the Nasdaq through a merger with a special purpose acquisition company (SPAC). Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars. However, carmakers and suppliers are struggling as costly investments in an electric future coincide with rampant inflation and soaring energy prices. Polestar's third quarter results are due on Nov. 11 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2024 Polestar 3 revealed

Junkyard Gem: 1976 Volvo 244 DL

Volvo did well enough selling the PV444/544, Amazon and 140 in the United States, but it was the Volvo 200 Series that really launched Goteborg iron into the American big time. Introduced here as a 1975 model, the 200 stayed in production for nearly two full decades and remains the most instantly recognizable Swedish car ever made. Here's an early-production 244, found in a Denver-area car graveyard not long ago. The 200 Series could be considered an update of the late-1960s-vintage 140 Series, since it's essentially the same car from the A pillars back. The main difference between the two is the MacPherson strut front suspension in the 200 Series. Volvo went through several naming systems for U.S.-market 200 Series cars over the decades, with the initial one being the easiest to decipher: a three-digit number followed by a two-character trim-level designation. The first digit in the number represents the series, the second represents the number of engine cylinders and the third the number of doors. There were six-cylinder 262s, 264s and 265s sold in the United States from 1976 through 1981, powered by the same PRV V6 engine that went into the DeLorean DMC-12, so it's incorrect to refer to all 200 Series Volvos as 240s. This car is the best-selling member of the 200 family, with a four-cylinder engine and four doors. This is a fuel-injected 2.1-liter SOHC straight-four, rated at 98 horsepower and 110 pound-feet; the 1975 240s received the 2.0-liter pushrod engine from the 140. There were two transmissions available in the 1976 240s: a four-speed manual or a three-speed automatic. This car has the automatic. Even thought it's a base DL model, this car's first owner paid an extra $456 for air conditioning (about $2,580 in 2024 dollars), on top of the $500 premium for the automatic transmission ($2,829 after inflation). That pushed the cost for the car up to $7,551, or $42,717 in today's money. You could get a swanky new 1976 Buick Electra Limited four-door hardtop for just $6,852, but those sensible Volvo buyers knew it was worth paying a premium for genuine Scandinavian safety and build quality. European-market headlights were strictly forbjuden on American roads during the early Malaise Era, according to federal safety regulations, so Volvo had to install these unsightly sealed-beam rigs on their cars here.