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Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.

2023 Volvo XC90 Review: Design that stands the test of time

Pros: Classy, clean, minimalist design; powerful PHEV powertrain available; robust standard safety and driver assistance suite Cons: While we like the design, it’s due for an update; upgrading to PHEV is costly The 2023 Volvo XC90 is a three-row, full-size SUV that we like for its tasteful design, comfortable interior space and excellent safety. For 2023, the standard powertrains become mild-hybrid designs based on a turbocharged 2.0-liter engine. The plug-in-hybrid XC90 Recharge version raises the price considerably, but provides a generous amount of all-electric range while being the most powerful and fun XC90 by far. It wonÂ’t provide the sporty driving dynamics like some of the performance models from BMW and Mercedes, but thereÂ’s plenty to like about VolvoÂ’s flagship crossover. What Volvo does offer is oodles of safety, with excellent crash test results year after year, and a robust suite of safety and driver assistance technology that doesnÂ’t feel like itÂ’s working against you while youÂ’re driving. The XC90 is also comfortable and roomy, seating six to seven passengers in an interior thatÂ’s comfortable and interesting to look at without feeling overwrought or ostentatious. The XC90 is getting a little long in the tooth as itÂ’s now in its eighth year since a complete redesign, but its unique, crisp design and modern technology hide its age well. If you want something all-electric, though, youÂ’ll have to wait just a little longer. Volvo will release its full-size EX90 as a battery-electric successor to the XC90, expected to go on sale in 2023 with an all-new design and more safety tech than ever before. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2023? The 2023 XC90 switches to mild-hybrid powertrains as standard, complete with integrated 48-volt battery and an integrated starter/generator added to the existing 2.0-liter engines. The new B5 and B6 mild hybrids therefore replace the outgoing T5 and T6 engines. The XC90 Recharge remains a plug-in hybrid option. The XC90 switches to Google-based infotainment software for 2023, incorporating Google Maps, Google Play and Google Assistant voice control. The XC90 also gains over-the-air update capability, which means Volvo can send remote software updates to the vehicle, improving features over time.

Volvo details new drive assist features for next XC90 and future models [w/video]

Volvo wants us to know what kinds of new technology will be under the sheetmetal of the offerings that will sit on its Scalable Platform Architecture, the first of which will be included on the 2015 Volvo XC90 arriving at the end of next year. The silicon-chip onslaught starts with detection and auto braking for vehicles, pedestrians, cyclists and large animals. The company's animal detection tech now works at night thanks to better cameras and exposure controls.
Also due for the high-riding wagon are road edge and barrier detection with steer assist, a setup that identifies the edge of the road - even ones without markings. The system can steer the car back into its lane if it detects the driver is about to leave the road or collide with a barrier. Adaptive cruise control with steer assist allows the car to not only follow the flow of traffic on a straight road, but steer itself automatically.
Beyond that, the company is planning on other safety advances, but these will rely on automaker cooperation and infrastructure upgrades. Volvo has signed a memorandum of understanding with the Car 2 Car Communication Consortium on the subject of standards for communication between cars and wants to have it implemented by 2016. Sensors in traffic lights will enable Green Light Optimum Speed Advisory, which tells a driver how fast to go on a give stretch of road so as not to hit a red light. Weather, road condition, road works and emergency vehicle warnings will also inform drivers of new developments on the road. And autonomous parking, which Volvo has already demonstrated, stands to put a lot of valets out of work since it allows the car to find its own parking space without a driver inside.