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Volvo's $2.9 billion stock IPO is a key test in shift to EVs

Volvo Car AB is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the transition to electric vehicles. The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group Co., is offering shares at 53 kronor to 68 kronor each (about $6-$8), according to a statement Monday.  The deal values Volvo Cars at as much as $23 billion, 11 years after the Chinese firm bought the business from Ford Motor Co. for $1.8 billion. The IPO is set to be EuropeÂ’s largest since January, according to data compiled by Bloomberg. The carmaker, with an ambitious plan to only sell full electric cars by 2030, plans to use the funds to add carmaking capacity so it can nearly double annual sales to more than 1.2 million vehicles. Volvo Cars also plans to construct a battery plant in Europe. “We have a very clear strategy to be an electric company in 2030 and weÂ’ve been on that journey for some years now,” Volvo Cars CEO Hakan Samuelsson said in an interview. “With this, of course, we can secure that transformation, because of course, itÂ’s not free of charge.” VolvoÂ’s projected market capitalization of about $20 billion compares to roughly $65 billion for BMW AG, while the German premium carmaker produces more than 2 million vehicles versus Volvo CarsÂ’ 660,000 last year. Newer entrants to the industry such as ChinaÂ’s Nio Inc. and Tesla Inc. have seen their share prices surge past traditional manufacturers even as they sell only a fraction of the number of vehicles. The IPO also comes less than a month after electric-vehicle maker Polestar, controlled by Volvo Cars and Geely, said it will go public in New York via a blank-check merger. The deal implies an enterprise value of $20 billion for the startup, with Volvo Cars expecting to hold a 50% stake in Polestar after it lists. While the century-old Swedish industry stalwart and Polestar have similar valuations, 4-year-old Polestar has a target of delivering only about 29,000 cars this year. Geely previously attempted to take Volvo Cars public in 2018, but called off the listing after investors were said to balk at its valuation expectations of as much as $30 billion.  A group of pension funds and institutional investors have committed to buying 6.4 billion kronor worth of shares in the IPO. The offering of as much as 21% of Volvo Cars runs through Oct. 27, and the shares are set to start trading in Stockholm on Oct. 28. Goldman Sachs Group Inc.

Volvo Cars' earnings top pre-pandemic levels in boost ahead of possible IPO

STOCKHOLM — Volvo Cars reported a return to profit in the first half as demand for electric cars pushed earnings above pre-pandemic levels, putting the carmaker on a firmer footing as it considers a possible IPO this year. Sweden-based Volvo, owned by China's Geely Holding, said on Friday it made a first-half profit of 13.24 billion Swedish crowns ($1.52 billion), more than double its profit of 5.52 billion crowns in the corresponding period of 2019, before the coronavirus struck. Like several other automakers Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year's plunge during the pandemic helped first-half revenue rise by 26% to 141 billion crowns. "The pandemic effect, when it comes to our business, we don't see it anymore," Chief Executive Hakan Samuelsson told Reuters. "All our employees have not been vaccinated yet, but sales and production are really back to where we were." The company, which is eyeing an initial public offering before the end of this year, said all its regions showed solid growth and improved market shares, with chargeable cars representing 25% of total sales. Samuelsson said the evaluation process ahead of a potential IPO was progressing according to plan, adding the firm was still considering listing on the Stockholm stock exchange in the second half of 2021. "The company stands stronger than ever and we are in the midst of a very substantial transformation ... It has to be financed and access to the stock market is of course positive then," Samuelsson said. Volvo Cars had been heavily affected at the start of the pandemic, plunging to a 989 million loss in the first half of 2020. The company on Friday kept its second-half outlook for flat sales and revenue growth year on year, "unless supply of semiconductors improves". It said earlier this month that first-half sales rose 41% to 380,757 cars. The Gothenburg-based firm plans to become a fully electric car maker by 2030, sell 600,000 battery electric vehicles at mid-decade, and build a European battery gigafactory in 2026. ($1 = 8.6821 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard and Susan Fenton) Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvo introduces 2022 C40 Recharge crossover

Volvo's European EX30 launch plagued by software issues, refunds

Are we ready to include crippling software problems in electric vehicles part of "the new normal?" If so, we'd think little of it. We're most surprised by Volvo being the reason for asking the question. The Swedes had to postpone production of their flagship 2025 EX90 due to software issues. Then, after crowing about starting production, we find out the automaker's informed buyers that their EX90's might not be complete upon delivery, waiting for over-the-air updates to restore functionality that buyers of an $80,000 would expect to come with their vehicle. Overseas, the EX30 appears to be in even more trouble, its software reminding us of the problems Volkswagen had with its ID.3 and Chevy had with its Blazer EV on launch. Autocar reports that the glitches "range from screens going black and steering-wheel buttons not responding to cars not charging and even emergency braking systems randomly activating," as well as "bricked infotainment touchscreens, incorrect information displayed (such as time and range), profiles reverting back to factory settings and driver aids failing." Some customers are reportedly returning their cars to Volvo for full refunds. The automaker told Autocar the EX30 remains on sale, but in the UK, Volvo's pushed online shoppers to the 2025 model; the 2025 EX30 launches July 8, Volvo said. The configurator at Volvo's UK site advisers visitors, "EX30 Model Year 2024 is no longer available for new configurations. However you are welcome to browse our stock cars." At the time of writing, we did not find any similar notice on the Volvo sites for France, Germany, or Sweden. A poster on a UK forum for EX30 owners wrote to another member that ordering's been disabled on the UK site for three months. And it's a popular model. Volvo has more than 35,000 units in Europe through the end of May, making it the third-best-selling selling EV there after the Tesla Model Y and Model 3. Every new car comes with its share of hiccups. Based on checking forums, owners seem thoroughly pleased with the EX30's build quality. The hiccups here and in general with EVs is that their primary issues trace back to software (on top of the usual mechanical issues all vehicles face). On that UK forum for EX30 owners, the Recent Topics tab is peppered with threads about problems with the hatchback, the Faults & Technical section contains 85 individual topics (some of which are undoubtedly duplicates or misplaced).