2006 Volvo S60 All Wheel Drive One Owner Very Clean on 2040-cars

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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.

Daimler, Geely mull China as production hub for hybrid powertrains

FRANKFURT — Daimler and Geely on Friday said China could emerge as a manufacturing and export hub for hybrid powertrains jointly developed for Volvo and Mercedes-Benz cars. Earlier this week, Daimler said it would cooperate with China's Geely to build next-generation combustion engines for use in hybrid vehicles. The engines will be produced in China as well as in Europe, and Geely and Daimler will cooperate in engineering, sourcing and production, the companies said in a joint press release. "The export of the engine from China is considered to be an option," the release further said. Mercedes-Benz aims for more than half of its passenger car sales to be comprised of plug-in hybrids or purely electric vehicles by 2030. Geely is ChinaÂ’s most internationally known automaker. It owns Volvo Cars and Lotus, almost half of Proton and 9.7% of Daimler. Through wholly owned company Polestar, it builds low-volume Polestar 1 hybrid performance cars in the western city of Chengdu and Polestar 2 volume sedans in Taizhou in the east. "The companies plan to develop a highly efficient modular engine," a spokesman for Daimler said, adding that it would be used in hybrid drivetrains and manufactured in Europe and China. The modular engine will be used in cars under different marques at Geely and Daimler, a person familiar with the matter said on condition of anonymity as the companies are still in the early stages of developing the engine. An Conghui, President of Geely Holding Group, President and CEO of Geely Auto Group said: “This project reflects the need for economies of scale and targeted research and development investment in clean and highly efficient powertrains and hybrid drive systems and their applications." Geely also plans to build a plant with annual manufacturing capacity of 30,000 premium EVs in the western city of Chongqing, run by a wholly owned, newly registered company, according to documents on its website. Geely and Polestar declined to comment. The plan comes as foreign automakers including BMW AG and Tesla expand EV production in the worldÂ’s biggest market, sourcing major EV components such as batteries locally and often even exporting a portion of the vehicles it builds.   Auto News Earnings/Financials Green Plants/Manufacturing Mercedes-Benz Volvo Green Automakers Future Vehicles Hybrid

2019 Toyota Corolla Hatchback, Volvos earn IIHS Top Safety Pick rating

It's time for another round-up of recent IIHS crash tested cars. The trio this time include the 2019 Toyota Corolla Hatchback, 2019 Volvo XC90 and 2018 Volvo S90. All three have earned one of the highest ratings from the IIHS, the Top Safety Pick. And all three continue a trend of very safe cars having slightly below-par headlights, preventing them from earning the highest Top Safety Pick+ rating. Of these three cars, the Corolla Hatchback has the most impressive scores. It earned the highest "Good" rating in every single crash test, including the difficult small-overlap passenger-side collision. It also received the top score for access to LATCH anchors for child seats. The standard forward collision prevention technology also brought home the best score possible, stopping the car before a crash at speeds up to 25 mph. The headlights themselves weren't particularly bad either, earning the second-highest score of "Acceptable" with both the standard and optional LED headlights. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Both Volvos shared similar scores to the Corolla Hatchback, with "Good" ratings for all crash tests they participated in, and top rank for their standard forward collision technology. Both vehicles were not tested for the passenger-side small overlap collision, so there is no score in that area. Both also received the "Acceptable" rating for LATCH anchor access. In the headlight department, the XC90 earned "Acceptable" scores for both of its available headlights, and the S90 received an "Acceptable" for its optional lights, while the standard ones were rated as "Marginal." Related Video: