Auto blog

Geely to sell $1.3 billion of Volvo Truck shares

China’s Zhejiang Geely Holding Group is selling the entirety of its Class B shares in truckmaker Volvo AB that were worth 14.46 billion Swedish krona ($1.32 billion) at the close of trading in Stockholm. In a statement, Geely said the divestment is “in accordance with its long-term strategy” and that it will remain VolvoÂ’s second-largest investor with 88.5 million A shares. “Geely HoldingÂ’s strategic adjustment and inclusion of AB Volvo in its automotive manufacturing and investment portfolio is part of the groupÂ’s risk management and diversified investment strategy,” the company said.   Geely is offering the 49.5 million shares through BofA Securities, Goldman Sachs Bank Europe and Barclays, according to a term sheet. The Sweden-based holding company that owns GeelyÂ’s stock guided that itÂ’s selling for SEK285.9 a share, a more than 2% discount from its closing price. Volvo reported first-quarter operating profit that beat analystsÂ’ expectations on Wednesday, as the truckmaker offset waning orders by charging higher prices. The company has been reducing production as demand returns to more typical levels following a post-pandemic recovery period. Its shares have advanced 12% this year. Geely pared its stake in Volvo in January and also sold some of its holding in Volvo Car AB in November. The holding company behind one of ChinaÂ’s most prominent carmakers early this year had to bail out Polestar, the struggling electric-vehicle manufacturer it started along with Volvo Car.   Earnings/Financials Volvo Truck Commercial Vehicles volvo trucks

Volvo S90 Recharge, Lexus RX 350 and spring beer picks | Autoblog Podcast #679

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski. They start off discussing the Volvo S90 Recharge and wonder out loud why the brand's plug-in technology isn't also offered with a wagon body style. They then discuss the Lexus RX350 and why it's likely an ideal premium crossover for a large percentage of buyers. From there, Greg and Jeremy cover some recent news items, including the current state of BMW's coupes and rumors that Toyota's next Land Cruiser will lose its V8 engine in favor of a turbocharged V6. Then it's time to go over some of our current favorite spring beers before turning to the mailbag and spending some listener's money. Autoblog Podcast #679 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2021 Volvo S90 Recharge 2021 Lexus RX 350 News BMW 2 Series preview Land Cruiser powertrain rumors Spring beers Mailbag Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related Video:

2015 Volvo XC90 is the Swedish future

It's been months since the Concept XC Coupe debuted at the Detroit Auto Show, Volvo's last show car previewing its all-new 2015 XC90. But the production model is finally here after years of development, and it signals the future of the Swedish automaker with its Scalable Product Architecture modular platform and cutting-edge new engine family.
The 2015 XC90 carries all-new styling, but is still familiar up front, with the company's logo slashing diagonally through its prominent, upright grille. Like the concept, it carries T-Shaped LED running lights through the headlights. The company calls them the "Thor's Hammer" design, an evocative designation that we think is fantastic. Under that new front end is a choice of two quite powerful, but very efficient powertrains. The standard XC90 gets a 2.0-liter turbocharged and supercharged engine with all-wheel drive making an impressive 316 horsepower. Or if buyers want to be a little greener and more powerful, there is the XC90 Twin Engine plug-in hybrid with the same engine, albeit augmented with an electric motor to produce a staggering 400 hp.
The exterior styling is crisp, if not quite as sensual as Volvo's latest concepts, but we think the interior is the real star here, with a dashboard that looks like it came out of a Herman Miller catalog and a unique vertically oriented infotainment screen integrated into its center stack, perhaps taking a cue from Tesla. If the cabin feels as good as it looks, we think a lot of sales are going to be won inside.