I6 Suv 3.2l Cd Awd Power Steering 4-wheel Disc Brakes Aluminum Wheels Fog Lamps on 2040-cars

Auto blog

Volvo to stop funding Polestar, sees stock rise dramatically

STOCKHOLM — Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo's top shareholder China's Geely Holding. The announcement sent the Swedish automaker's stock up more than 30% at market open. The heavy involvement by Swedish-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticised by analysts who see the stake as a drag on Volvo's resources. Like other new EV brands and startups, Polestar has struggled to make headway, particularly since Tesla started a price war last year. The automaker said earlier this month that it had missed its already-reduced delivery targets for 2023. Polestar's shares are down just over 83% since it went public in June 2022 via a merger with a special purpose acquisition company, or SPAC. Volvo Cars said it has considered handing Polestar shares over to Volvo's shareholders, which would make Geely a big direct owner in the brand. Shares in Volvo were up 20% at 0814 GMT, after they soared 32% at market open. Geely in a separate statement welcomed Volvo's decision to focus its resources on its own development. "Geely Holding will continue to provide full operational and financial support to the independent exclusive (Polestar) brand going forward," the Chinese group said. "This support will not require a reduction of Geely Holding shareholding in Volvo Cars," it added. However, the broker Bernstein said it saw a distinct possibility that the Geely ecosystem could sell down its shares in Volvo. Polestar last week said it planned to cut around 450 jobs globally, or about 15% of its workforce, amid "challenging market conditions". It also said in November that it would try to reduce its reliance on external help, publishing a revised business plan, which included getting additional loans from Volvo and Geely. The news could raise questions about the viability of Polestar, which aims to become cash flow break-even in 2025. Some analysts have said it could make more sense to fold Polestar company into Geely. Volvo Cars meanwhile reported a bigger than expected rise in fourth-quarter operating earnings on Thursday, with operating income excluding joint ventures and associates rising to 6.7 billion Swedish crowns ($643.83 million) from a year-earlier 3.9 billion. Analysts polled by LSEG had expected adjusted earnings before tax and interest (EBIT) of 6.5 billion.

Volvo S60 Polestar Concept finally spotted in the flesh

The Volvo S60 Polestar Concept has graced the pages of Autoblog numerous times in recent memory, but we've never actually seen it in person. That is, until now.
We caught up with the blazing blue sedan sitting on the floor of the LA Auto Show, and it looks even better up close. As a refresher, the four-door is fitted with a turbocharged inline six-cylinder engine (3.0-liter) generating an impressive 508 horsepower. Its close-ratio six-speed manual gearbox sends power to all four wheels through a fourth-generation Haldex XWD system. With a decent driver behind the steering wheel, the Polestar can crack the 60 mph benchmark in about 3.7 seconds as it rushes towards a top speed in excess of 186 mph.
Volvo has said that this Polestar-modified S60 was built for a specific client who paid upwards of $300,000 for the pleasure of owning it. But as they say, if there is market demand for more...

Volvo EX90 exterior teased further, goes heavy on glass and aero

How about six more teasers of the battery-electric, seven-seat Volvo EX90 SUV? We've heard about the new interior materials, seen renderings of the minimalist instrument panel and read about a massive commitment to safety inside and outside the SUV. Now we have scraps about what it took to put everything together within the aesthetic Volvo sought and a mission statement of "confident, sophisticated, and seamless." The rounder grille-less front fascia flows over the hood to a greenhouse heavy on flush glass. A large, tinted panoramic glass roof lets in just enough light without superheating the cabin and without robbing headroom. The side glazing is flush with the pillars and nearly flush with the sides of the car to improve aerodynamic efficiency. Flush door handles emerge as the keyholder approaches. Volvo says the EX90 posts a drag coefficient of 0.29, a figure that compares to 0.26 for the Mercedes-Benz EQS SUV and 0.24 for the Tesla Model X that, admittedly, offers tiny optional third-row seats. Speaking with Motor Trend, lead Volvo exterior designer T. Jon Mayer said the other side of letting lots of light in the cabin is creating an inviting atmosphere when there's lots of dark in the cabin. "We’ve put a lot of effort into the illumination inside the EX90, trying to create a warm interior and a somewhat colder expression for the exterior," he said, making an analogy with the Swedish climate and Swedish people.  The Lidar sensor plays its part in a new level of safety and in aerodynamics. Placed at the leading edge of the roof, the Luminar sensor sits under a teardrop-shaped glass enclosure about 18 inches wide, under two inches tall. The laser system comes standard, helping provide 360-degree awareness so that the EX90 can always pay attention and take appropriate safe actions at those times when the driver isn't paying attention. Volvo says that tying exterior sensor safety logic to in-cabin cameras that can tell if a driver is focused on the task "can reduce the risk of death or serious injury by up to 20%." We've just seven days to go until Volvo mandarins gather in Stockholm to reveal the car to launch the automaker's next phase. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.