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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

Volvo vows to charge subscriptions only for major updates

Volvo Cars Chief Operating Officer Bjorn Annwall   BMW veered into a public-relations mess this year when it started charging car owners monthly subscription fees to warm their behinds. Volvo Car won’t be making similar moves. “If you are to charge for software updates, it must be a step change in consumer benefit,” VolvoÂ’s Chief Operating Officer Bjorn Annwall said in an interview this month. “We will not ask people who have bought a car for 1 million kronor ($96,500) to pay another 10 kronor to get extra heat in the seat.” While BMW will no doubt have other manufacturers follow in its footsteps — Mercedes-Benz recently started asking buyers of its EQ electric vehicles to fork over $1,200 a year to unlock quicker acceleration, for example — the auto world has started to second-guess just how much money there is to be made from the rise of software within their hardware-intensive business. In a 91-page deep dive into the topic last month, analysts at UBS pegged the total addressable market at $700 billion by 2030. ThatÂ’s no pittance, but pales in comparison to the $2 trillion opportunity they anticipated previously. Annwall sees Volvo generating little additional revenue from software until mid-decade. Only if major upgrades become available — a self-driving mode, for example — would Volvo charge extra. “You donÂ’t have to hold the steering wheel — now thatÂ’s a step change in user benefit.” Annwall was speaking at the opening of VolvoÂ’s new tech hub in Stockholm, where the manufacturer builds software for selling and marketing cars online. The company, which last month unveiled a battery-powered sport utility vehicle to succeed its gasoline-era flagship, intends to cease making combustion cars by the end of the decade. ItÂ’s going to be an uphill push: EVs made up just under a fifth of the companyÂ’s shipments last month. Bloomberg spoke with Annwall about VolvoÂ’s tech efforts, the software issues that have plagued some of its competitors and the ongoing supply-chain issues holding back the industry. Here are highlights from the conversation, which have been edited for length and clarity: Large automakers including Volkswagen have had problems with their car software. Have you experienced similar obstacles? I wonÂ’t hide the fact that we have had some problems with our software in the car as well. But weÂ’ve been good at correcting them fairly quickly.

Volvo EX30 due out in June 2023 as entry-level electric crossover

Volvo will expand its range towards the bottom when it presents an entry-level electric crossover called EX30 in June 2023. The company isn't ready to show us the soft-roader's full design yet, but it released a preview video that gives us a better idea of what to expect from it. "Something small is coming," Volvo wrote in a statement. While that's not a lot to go on, it suggests — but doesn't confirm — that the EX30 will slot below the XC40 in terms of size. We've seen it parked next to the EX90 and it looks considerably smaller; it rides on a much shorter wheelbase and features a relatively small rear overhang that creates a boxy silhouette characterized by an almost upright rear end. Many of the styling cues that define Volvo's current design language seem to appear on the EX30. Its front end wears T-shaped LED daytime running lights (called Thor's Hammer in the company jargon) inspired the EX90's, while its rear end features a new interpretation of the upright lights that Volvo has fitted to many of its cars over the past few decades — including the C30, which was its last 30-branded car. Technical details haven't been announced. All we know is that the EX30 will be all electric, all the time; it won't be available with a gasoline-powered engine. An unverified report claims that the city-friendly model will share its Sustainable Experience Architecture (SEA) platform with the Smart #1, among other models, and Volvo boss Jim Rowan said the crossover will deliver a "decent range." Using the SEA platform will allow Volvo to offer rear- and all-wheel drive as well as several battery options, though the lineup will vary from market to market. The Volvo EX30 will make its debut on June 7, 2023, at 1:30 p.m. European time, which is 7:30 a.m. in New York and — sorry, West Coast folks — 4:30 a.m. in California. We'll learn more about it in the coming weeks, and sales will start on the day of the unveiling. If the report is accurate, the EX30 will be built in China. Volvo confirmed to Autoblog that the model will be sold in the United States. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.