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Volvo, Daimler, Traton join forces to build electric truck charging network

Volvo Group, Daimler Truck and Volkswagen's AG heavy-truck business the Traton Group announced on Monday a non-binding agreement to build a network of high-performance public charging stations for electric heavy-duty long-haul trucks and buses around Europe. The news was first reported by Reuters. The three major European automakers will invest ˆ500 million (~$593 million USD) to install and operate 1,700 charging points in strategic locations and close to highways. They intend to finalize the agreement by the end of this year and start operations next year, with the hopes of increasing the number of charge points significantly as the companies seek additional partners for the future joint venture. The venture is meant to be a catalyst to prepare for the European Union's goals of carbon-neutral freight transportation by 2050. One of the main deterrents for both individuals and freight companies for switching to EVs has historically been a lack of charging infrastructure. By building that infrastructure, Volvo, Daimler and Traton can also expect to boost their own sales of electric trucks and buses. “It is the joint aim of EuropeÂ’s truck manufacturers to achieve climate neutrality by 2050," Martin Daum, CEO Daimler Truck, said in a statement.  "However, it is vital that building up the right infrastructure goes hand in hand with putting CO2-neutral trucks on the road. Together with Volvo Group and the Traton Group, we are therefore very excited to take this pioneering step to establish a high-performance charging network across Europe.” The partnership between Volvo and Daimler isn't unprecedented. In May, the two competitors teamed up to produce hydrogen fuel cells for long-haul trucks to lower development costs and boost production volumes. This latest venture is another signal that major companies are banding together to solve climate-related issues in the industry. European car industry association ACEA has called for up to 50,000 high-performance charging points by 2030. Traton CEO Matthias Gruendler told Reuters that roughly 10 billion euros would be needed to build out Europe's infrastructure to be fully electrified by 2050. According to a statement released by Volvo, this venture is also a call to action for others with a stake in the industry, like automakers or governments, to work together to ensure the rapid expansion needed to reach climate goals.

Volvo Cars plans $20 billion stock IPO this month, sources say

STOCKHOLM — China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was penciled in for the end of September. Goldman Sachs and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available. Geely, which bought Volvo from Ford more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Traditional carmakers have fallen out of favor in recent years, as Tesla has risen to be one of the world's most valuable companies, putting the focus on electric vehicles. Many European firms have pivoted toward the electric sector, including Volvo, which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar. Valuation Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion. A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook. A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler and BMW. Tesla's valuation is more than 70 times that. NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion. "The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said. For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

2023 Volvo XC40 and XC40 Recharge Review: Gas or electric? You can’t go wrong

Pros: Cute and functional design; efficient powertrains; a good overall value Cons: Recycled materials can feel cheap; Recharge has average EV range; doesn’t qualify for federal EV tax credit The 2023 Volvo XC40 is arguably the most visually attractive subcompact luxury SUV out there. ItÂ’s boxy, proportioned well and features the trademark Swedish design we love. Volvo prodded this yearÂ’s XC40 with a number of updates, and now the previously ho-hum powertrains are a little nicer to live with (if hardly zesty in their performance). Of course, you can bypass them altogether with the all-electric XC40 Recharge that shares its design, interior features and utility with the gas model, but really amps up the fun with sprightly acceleration and better handling. Oh, and of course, doesnÂ’t require stops at the gas station or emit CO2. While the XC40 isnÂ’t the biggest in the segment, itÂ’s not the smallest either. This, plus its utilitarian proportions make it more useful than it may look on the outside. Fans of Google tech will enjoy the Google-based infotainment system, but you can still use Apple CarPlay for streaming apps from the Apple ecosystem. All told, the XC40 is one of our favorite subcompact luxury SUVs, and indeed, one of the few we recommend. It has the size, style and quality that justifies its higher price over various non-luxury entries. Plus, the gasoline versions, particularly the upgraded B5, provide stronger value than its various competitors. Even the electric Recharge, which carries a steep price increase, at least provides a strong performance upgrade for the money.   Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2023? The XC40 lineup, including the XC40 Recharge, get a mild refresh for 2023. Small styling changes include a new front bumper, frameless grille and “pixel” LED headlight technology. New colors and wheels come into the fold, too. Both of the gasoline-powered XC40s gain 48-volt mild-hybrid systems to aid efficiency. Inside, Volvo adds non-leather upholstery to the Recharge, and all models adopt the Google-based infotainment system that was previously a Recharge exclusive. What are the XC40Â’s interior and in-car technology like?