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Volvo Cars hopes to raise $2.9 billion in its stock IPO

STOCKHOLM/LONDON — Geely-owned Volvo Cars plans to raise 25 billion Swedish crowns ($2.9 billion) through an initial public offering (IPO), the Swedish carmaker said on Monday of what would be one of Europe's biggest listings this year. Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder. In 2018, Volvo Cars and Geely, which also owns an 8.2% stake in Sweden's Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks. "Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitization," the Swedish company said in a statement. Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric models by 2030. Volvo said is targeting an operating margin of between 8% and 10% by 2025. It is also aiming for annual sales of 1.2 million cars, up 56% from the 770,000 it sold in the 12 months to June 20 this year. Electric push The carmaker said it expects 50% of sales to be fully electric cars by the middle of the decade and that 50% of sales will be made online rather than in dealerships. Volvo Cars said earlier on Monday that its sales in September fell 30% from a year earlier, dented by the global components shortage. Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion. Volvo Cars had previously said it was considering a Stockholm listing in the second half of 2021. A Volvo spokesperson on Monday said that the company had no comment on valuation or on how much of the business would be sold in the IPO. "There will be further information published in connection with the prospectus," she said. Electric-car maker Polestar, which is owned by Geely and Volvo, last week said it will go public by merging with a U.S.-listed special purpose acquisition company (SPAC) backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Volvo C40 Recharge charging

Volvo S60 Polestar Concept looking Smurfy in Jay Leno's Garage

Is it just us, or has Jay Leno's Garage evolved from an intimate, off-the-cuff video series designed to show off the late-night comedian's automobile collection into something a lot more ambitious and... mainstream? This isn't a complaint, exactly, as Leno has been putting out engaging videos at an increasingly furious pace. However, we can't help but note that the subjects have largely graduated from the funnyman's steam-powered eccentricities and forgotten classics to lots of new production and concept cars, often with automaker execs in tow. It's almost as if the series is turning into an internet version of his NBC talk show, one where bigwigs swing by to show off their latest projects as part of their publicity tours, only instead of new movies and albums, it's cars or the occasional motorcycle.
Such is the exactly case with Volvo's stonking S60 Polestar Concept, which makes its appearance in Jay's warehouse of wonders this week. Tuned by in-house skunkworks Polestar, the "Swedish Racing Blue" S60 has certainly been making the rounds as of late, with recent appearances near Leno's garage at the LA Auto Show and an Auto Motor und Sport track faceoff against the BMW M3 and Audi RS4 Avant.
Perhaps we shouldn't be surprised that Volvo is so keen to get its showcar in front of the cameras - last we heard, executives were seriously considering a small production run for their unlikely 508-horsepower, all-wheel drive sport sedan, though we continue to hear that realistic pricing is likely to be a roadblock.

Best compact SUVs of 2023 and 2024

Compact SUVs are now the go-to choice for family transportation. Actually, considering how popular they are, they have clearly moved beyond only family duty. With such popularity, though, comes an awful lot of competitors, and it can be difficult to figure out which one might be the best compact SUV for you.  It's important to note that by "compact SUV" we're talking about a specific segment. As we describe in our more comprehensive "Best small SUVs" list, there are also subcompact SUVs that vary widely in size amongst themselves, but are clearly smaller than the SUVs below. Frankly, today's segment of compact SUVs isn't exactly compact — some have more cargo space than vehicles that are considered midsize based on their exterior dimensions. They've all grown considerably over the years. While many lists out there just rattle off every vehicle available in a segment, we thought we'd be a bit more helpful and curate your shopping a bit with the top-recommended choices reviewed by Autoblog. We've included both mainstream and compact luxury SUV choices. Best compact SUVs of 2023 and 2024 2024 Honda CR-V Why it stands out: Best-in-class space; excellent hybrid powertrain; sharp interior style; Honda dependabilityCould be better: No lower-price base trim levels; no sporty or off-road niche models; no plug-in hybrid Read our full 2024 Honda CR-V Review Consider the CR-V the baseline for any compact SUV search, and look extra closely at the superb CR-V Hybrid option. Objectively speaking, it's tough to beat due to its massive cargo capacity, voluminous back seat, strong-yet-efficient engines, well-balanced driving dynamics, competitive pricing and features,  and well-regarded reliability. It's easy to see why it continues to be such a best-seller: for the vast majority of compact SUV buyers, and especially families, it checks every box. That's been the case for many years now, however. The all-new 2023 Honda CR-V changes things up by adding a bit more style and character, particularly in terms of its interior design and how surprisingly enjoyable the Sport and Sport Touring hybrid trim levels are to drive.