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Volvo's $2.9 billion stock IPO is a key test in shift to EVs

Volvo Car AB is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the transition to electric vehicles. The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group Co., is offering shares at 53 kronor to 68 kronor each (about $6-$8), according to a statement Monday.  The deal values Volvo Cars at as much as $23 billion, 11 years after the Chinese firm bought the business from Ford Motor Co. for $1.8 billion. The IPO is set to be EuropeÂ’s largest since January, according to data compiled by Bloomberg. The carmaker, with an ambitious plan to only sell full electric cars by 2030, plans to use the funds to add carmaking capacity so it can nearly double annual sales to more than 1.2 million vehicles. Volvo Cars also plans to construct a battery plant in Europe. “We have a very clear strategy to be an electric company in 2030 and weÂ’ve been on that journey for some years now,” Volvo Cars CEO Hakan Samuelsson said in an interview. “With this, of course, we can secure that transformation, because of course, itÂ’s not free of charge.” VolvoÂ’s projected market capitalization of about $20 billion compares to roughly $65 billion for BMW AG, while the German premium carmaker produces more than 2 million vehicles versus Volvo CarsÂ’ 660,000 last year. Newer entrants to the industry such as ChinaÂ’s Nio Inc. and Tesla Inc. have seen their share prices surge past traditional manufacturers even as they sell only a fraction of the number of vehicles. The IPO also comes less than a month after electric-vehicle maker Polestar, controlled by Volvo Cars and Geely, said it will go public in New York via a blank-check merger. The deal implies an enterprise value of $20 billion for the startup, with Volvo Cars expecting to hold a 50% stake in Polestar after it lists. While the century-old Swedish industry stalwart and Polestar have similar valuations, 4-year-old Polestar has a target of delivering only about 29,000 cars this year. Geely previously attempted to take Volvo Cars public in 2018, but called off the listing after investors were said to balk at its valuation expectations of as much as $30 billion.  A group of pension funds and institutional investors have committed to buying 6.4 billion kronor worth of shares in the IPO. The offering of as much as 21% of Volvo Cars runs through Oct. 27, and the shares are set to start trading in Stockholm on Oct. 28. Goldman Sachs Group Inc.

2024 Volvo C40 and XC40 Recharge First Drive Review: Back to the RWD future

The 2024 Volvo XC40 Recharge and C40 EVs will be available with rear-wheel drive, replacing the front-wheel-drive version that has been the fraternal pairing’s single-motor base model. This is obviously newsworthy — why else would I be writing about it? But does it actually mean anything? After driving both of these vehicles around the lakes, seaside, perfectly-maintained highways, and cobblestoned urban streets proximate to the brandÂ’s headquarters in Gothenburg, Sweden, I can say that the answer is, not really. But thatÂ’s not really VolvoÂ’s fault. The last time Volvo sold a rear-wheel-drive vehicle in the United States was 1998 when the cushy, brick-like 960 was retired (officially S90 and V90 in their final year). Everything thereafter was front-wheel drive or at least on a front-drive-based platform, in no small part due to the additional all-weather traction and stability afforded by the additional weight of an internal combustion engine and transaxle over the drive wheels. In short, it was safer, and even as Volvo moved away from decades of arcane, rectilinear design, safety remained its raison dÂ’etre.   That hasnÂ’t changed, but according to Volvo, EVs have fundamentally changed vehicle dynamics, centers of gravity, and weight distribution to refute the front-drive argument. A Volvo spokesperson told me that this new one-motor layout in the XC/C40, driving the rear wheels, with contemporary advanced driver assistance systems, is better in inclement weather than a gas-engine/FWD combo. That explains why the switch to a standard rear-drive layout doesnÂ’t run afoul of VolvoÂ’s established ethos, but why make the switch in the first place? Whether it was the plan all along, or just an advancement of next-generation technology to prolong and extend the relevance of these vehicles, is not something Volvo would comment on. In any event, many of the base EVs that are in or near the XC/C40Â’s competitive set — the VW ID.4, the Kia EV6, the Hyundai Ioniq 5 — feature rear-wheel drive in their single-motor setup. It is notable that all of those cars were developed from the ground up as EVs and could be optimized for the aforementioned dynamics. The XC40 and C40 were built on a platform capable of accommodating gas-only, plug-in hybrid and full-electric powertrains.

Volvo confirms V60 Sportswagon engine lineup for US

In addition to revamping its entire 2014 lineup, Volvo has already promised us that we'll be getting the V60 wagon early next year, but now the Swedish automaker has confirmed that sexy wagon will go on sale in January. If that's not good enough for you diehard station wagon models, there's even better news: An available R-Design model will be the "fastest and most powerful wagon in Volvo history."
The V60 R-Design will have a turbocharged inline six-cylinder engine under the hood producing 325 horsepower and 354 pound-feet of torque. Other engines available in the wagon will include the company's well-regarded turbo inline-five along with a new turbo inline-four wearing the Drive-E name. Volvo says Drive-E can "offer the opportunity" to add electrification, but there's no word as to whether or not the US will receive a V60 plug-in model. Also not yet released are fuel economy, vehicle specs and pricing. More information about the V60 and its powertrains are available in the official press release posted below.