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Volvo Cars to dilute stake in EV maker Polestar

Volvo Cars said on Friday it plans to distribute 62.7% of its stake worth 9.5 billion crowns ($920.17 million) in Swedish electric vehicle manufacturer Polestar Automotive Holding to its own shareholders. After completion of the proposed distribution, Sweden-based Volvo Cars said it will retain an 18% stake in Polestar. The heavy involvement by Sweden-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticized by analysts who see the stake as a drag on Volvo's resources. "As we have significant operational collaborations with Polestar and a financial relationship, it is logical for us to retain influence through a smaller 18% stake in Polestar," said President and CEO of Volvo Cars Jim Rowan. The company said it has a financial relationship with Polestar through an outstanding convertible loan of $1 billion. China's Zhejiang Geely Holding, which is a majority owner of Volvo Cars, will continue to provide operational and financial support to Polestar. The stake distribution will be made through a 2:1 share split, followed by an automatic share redemption process, Volvo Cars said. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Polestar O2 Concept revealed with autonomous drone footage

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.

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.