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Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.

Volvo Concept Recharge full of sustainable materials

In June, Volvo showed us the conceptual exterior of its future vision in a swoopy wagon-like package called the Concept Recharge. The Swedes are now ready to show us the vision's interior and tell us what it's made of, calling it "a manifesto for Volvo Cars' future." With the context being Volvo's aim of selling only EVs by 2030 and being carbon neutral by 2040, the battery-electric Concept Recharge is a way for the automaker to get there and look stylish while doing it. It starts and nearly ends with employing sustainable, recyclable materials everywhere. Outside, the front and rear bumpers and the rocker panels are fashioned from flax composite. Only six percent of the materials in the specially developed Pirelli tires come from fossil resources, the rest from recycled and renewable materials like natural rubber, bio-silica, rayon and bio-resin. Every aspect of the bodywork has been shaped to increase aerodynamic efficiency, from the wheel design to the compact, upright rear end. Efficiency will also be a key development for the batteries. Volvo hasn't mentioned those yet in regard to the concept, but we know the company doesn't simply want to add more cells to increase range, since that adds weight and increases a vehicle's carbon footprint. Volvo is working with Swedish firm Northvolt on more energy-dense battery packs with shorter charging times. Inside, the Concept Recharge takes an evolutionary leap from the sustainable cabin now available in the C40 Recharge. The seat backrest and top of the instrument panel are dressed in "responsibly sourced Swedish wool" woven into a breathable, additive-free cloth. The seat bolsters and door panels areas that will see a lot of contact are covered in Tencel, a soft-touch yet durable cellulose fiber product. The floor and lower doors are wrapped in 100% wool. The seatbacks, the fronts of the headrests, and part of the steering wheel are covered in a material Volvo developed called Nordico. The company's being secretive about the composition, only telling us that Nordico's been created out of recyclable ingredients found in sustainable forests. And flax composite shows up again inside in the storage pockets, the back of the headrest, and the footrests. The automaker says that if the Concept Recharge's battery is charged using renewable energy, it would contribute less than 10 metric tons of CO2 over the wagon's lifespan. The U.S.

Which electric cars can charge at a Tesla Supercharger?

The difference between Tesla charging and non-Tesla charging. Electrify America; Tesla Tesla's advantage has long been its charging technology and Supercharger network. Now, more and more automakers are switching to Tesla's charging tech. But there are a few things non-Tesla drivers need to know about charging at a Tesla station. A lot has hit the news cycle in recent months with regard to electric car drivers and where they can and can't plug in. The key factor in all of that? Whether automakers switched to Tesla's charging standard. More car companies are shifting to Tesla's charging tech in the hopes of boosting their customers' confidence in going electric.  Here's what it boils down to: If you currently drive a Tesla, you can keep charging at Tesla charging locations, which use the company's North American Charging Standard (NACS), which has long served it well. The chargers are thinner, more lightweight and easier to wrangle than other brands.  If you currently drive a non-Tesla EV, you have to charge at a non-Tesla charging station like that of Electrify America or EVgo — which use the Combined Charging System (CCS) — unless you stumble upon a Tesla charger already equipped with the Magic Dock adapter. For years, CCS tech dominated EVs from everyone but Tesla.  Starting next year, if you drive a non-Tesla EV (from the automakers that have announced they'll make the switch), you'll be able to charge at all Supercharger locations with an adapter. And by 2025, EVs from some automakers won't even need an adaptor.  Here's how to charge up, depending on which EV you have:  Ford 2021 Ford Mustang Mach-E. Tim Levin/Insider Ford was the earliest traditional automaker to team up with Tesla for its charging tech. Current Ford EV owners — those driving a Ford electric vehicle already fitted with a CCS port — will be able to use a Tesla-developed adapter to access Tesla Superchargers starting in the spring. That means that, if you own a Mustang Mach-E or Ford F-150 Lightning, you will need the adapter in order to use a Tesla station come 2024. But Ford will equip its future EVs with the NACS port starting in 2025 — eliminating the need for any adapter. Owners of new Ford EVs will be able to pull into a Supercharger station and juice up, no problem. General Motors Cadillac Lyriq. Cadillac GM will also allow its EV drivers to plug into Tesla stations.