2004 Volvo Xc70 Base Wagon 4-door 2.5l on 2040-cars

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Volvo Cars to dilute stake in EV maker Polestar

Volvo Cars said on Friday it plans to distribute 62.7% of its stake worth 9.5 billion crowns ($920.17 million) in Swedish electric vehicle manufacturer Polestar Automotive Holding to its own shareholders. After completion of the proposed distribution, Sweden-based Volvo Cars said it will retain an 18% stake in Polestar. The heavy involvement by Sweden-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticized by analysts who see the stake as a drag on Volvo's resources. "As we have significant operational collaborations with Polestar and a financial relationship, it is logical for us to retain influence through a smaller 18% stake in Polestar," said President and CEO of Volvo Cars Jim Rowan. The company said it has a financial relationship with Polestar through an outstanding convertible loan of $1 billion. China's Zhejiang Geely Holding, which is a majority owner of Volvo Cars, will continue to provide operational and financial support to Polestar. The stake distribution will be made through a 2:1 share split, followed by an automatic share redemption process, Volvo Cars said. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Polestar O2 Concept revealed with autonomous drone footage

Lotus' new position: Much improved, if Volvo's experience is a guide

Out today is the news that Geely Holding will acquire controlling interest in British sports car maker Lotus Cars. While some 20 years ago the Chinese acquisition of a British automaker might have inspired grumbling from aggrieved Brits (and the handful of Lotus enthusiasts), the world has moved on. And so – thankfully – can Lotus. To suggest Lotus' business history has been checkered is to broaden the definition of "checkered." With its beginnings in the early '50s as a maker of component cars for competition, Lotus founder Colin Chapman – in a manner not unlike his postwar contemporary, Enzo Ferrari – was always hustling, living a hand-to-mouth existence in the production of road cars to support a racing program. Regrettably, Chapman never found a Fiat, as Ferrari did toward the end of the 1960s. Lotus had Ford in its corner for racing and as a resource for powertrains, and later benefited from the corporate support of both GM and Toyota for relatively short periods. Lotus Cars, however, never enjoyed the corporate buy-in that would have allowed Chapman to race and let someone else build the cars. Regardless of what Consumer Reports or Kelley Blue Book might have thought (if they had ...) about those early Lotus cars, a great many are now regarded as classics. My first knowledge of a production Lotus was when Tom McCahill, the 'dean' of automotive journalists in the US, tested an early Elan for Mechanix Illustrated. While we're still not sure, some 50 years later, how McCahill's XXL frame fit into the tiny roadster, he had nothing but praise for the Elan's athletic chassis and now-timeless design. In today's Lotus portfolio, the Elise and Exige continue that light, athletic tradition, while the larger Evora seems to strike wide – literally and figuratively – of the "less is more" ideal. With the Toyota-powered Evora, more is more. But in an eco-sensitive era demanding more of the original Chapman mantra – add lightness – there's little reason that Lotus can't regain relevance if given the financial resources. Geely's acquisition of Volvo, the fruits of which appear regularly not only in the news but on the streets, suggests the Chinese investment will provide strategic vision (along with money) while allowing Lotus talent to do what it does best: Create an exciting product. And while at various periods in its history the product has been worthy, Lotus in the US has been ill-served by a flailing dealer network.

Volvo Cars reports theft of R&D data by hackers

STOCKHOLM — Volvo Cars said on Friday it had launched an investigation into a cyber security breach and the theft of some research and development data that could impact the company's operation. A spokesperson for the firm, majority owned by China's Geely Holding, said it had been approached by a third party, but declined to give any further details. "Investigations so far confirm that a limited amount of the company's R&D property has been stolen during the intrusion," the Swedish carmaker said in a statement. It added that "there may be an impact on the company's operation," without specifying what that might be. It said it did not see an impact on the security of its customers' cars or their personal data. The Gothenburg-based company said it had implemented security countermeasures to prevent further access to its property, while notifying relevant authorities. "Volvo Cars is conducting its own investigation and working with a third-party specialist to investigate the property theft," it said. Shares in Volvo Cars, whose IPO on Oct. 29 was the biggest in Europe this year, were down 3.2% at 1555 GMT.