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Junkyard Gem: 1998 Volvo S90

Volvo began selling squared-off, rear-drive-equipped sedans and wagons here starting with the 140 in the 1968 model year, and continued selling those safe and sensible bricks all the way through 1998. The very last Swedish Brick models sold new in the United States were the 960 sedans and wagons, badged respectively as the S90 and V90 during the last couple of years here. We've seen one of those V90s in this series, and now it's time for its corresponding sibling. I found this very clean '98 S90 in a Silicon Valley yard last December. It hurts to see a well-cared-for European luxury sedan get this close to 200,000 miles and not quite make it.  The only body damage I could find appeared to have been inflicted after this car entered the used-parts ecosystem. There's not the slightest hint of rust, of course; this car shows every sign of having spent its entire life in California. The interior is just beautiful, too. This is almost certainly a one- or two-owner car that got every maintenance item done on the dot and spent its downtime parked out of the sun in a garage. Dig this top-shelf AM/FM/cassette/CD player with remote disc changer, a $485 option in the 1998 S90 (about $850 in 2022 dollars). The MSRP on the car itself started at $34,300 (around $60,200 now). So, why is this car in the junkyard? My guess is that some major component (e.g., engine, transmission, differential) failed and a quick comparison between real-world resale value and cost of repair resulted in a call to Pick Your Part. High-end European machinery isn't cheap to fix, and 25-year-old Volvos aren't worth much. While a small but significant fraction of American buyers of the 140, 240 and 740 preferred cars with three pedals, that fraction had shrunk to insignificance by the late 1990s. A four-speed automatic was the only transmission available in the final-year S90 and V90 here (Europeans could get a manual version). Interestingly, Volvo stuck with the old three-digit numbering system (first digit indicates series, second digit indicates number of engine cylinders, third digit indicates number of doors) for internal company use, decades after ditching it on customer-facing surfaces. This car was a 964 in Goteborg. Volvo brought back the S90 name for the 2017 model year, and you can buy a new one right now, but it's neither rear-wheel-drive nor brick-shaped.

Man convicted of spying on truck maker Scania for the Russians

STOCKHOLM — A Swedish court on Wednesday sentenced a 47-year-old man to three years in prison for spying for Russia, which involved selling secret information from truck maker Scania. The court said it had found the man guilty of acquiring and selling the secret information from the truck maker to a Russian embassy official. The court acquitted the man of similar espionage charges at Geely-owned carmaker Volvo Cars. "To be convicted of espionage, it is required that Sweden's security can be damaged if the information benefits foreign powers," the court said in a statement. "The district court has ruled that this is the case with regard to the information that the man obtained from Scania, while it has not been proven that this is the case with regard to the information from Volvo." The court statement said the man regularly received cash at his meetings with the Russian embassy official, which it considered was compensation for the information provided. The man, who has denied wrongdoing, was apprehended whilst meeting the diplomat in a restaurant, having just received 27,800 Swedish krona ($3,242). He worked as a consultant for Volvo Cars in 2016 and 2017 and for Scania in 2018 and 2019, until he was arrested. The man's lawyer said he would appeal. Scania is owned by truck maker Traton. Government/Legal Volvo Scania

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