1999 Volvo S80 T6 Sedan 4-door 2.8l on 2040-cars

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Polestar gets $1.6 billion boost from Volvo, other big stakeholder

Polestar said on Thursday it had secured $1.6 billion in financing from its two main shareholders to help it deliver its growth plans amid volatile markets. Volvo, which co-founded the brand with China's Geely in 2017, said it would provide an $800 million loan to the firm. Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. Volvo, which owns just over 48% in Polestar, said its loan included options for Volvo to convert some of its loans to equity in a potential future equity raising by Polestar. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. The Sweden-based carmaker said the funding, alongside previously secured resources, would provide the company with sufficient funds through 2023. In June, Polestar was listed on the Nasdaq through a merger with a special purpose acquisition company (SPAC). Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars. However, carmakers and suppliers are struggling as costly investments in an electric future coincide with rampant inflation and soaring energy prices. Polestar's third quarter results are due on Nov. 11 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2024 Polestar 3 revealed

Volvo updates XC60 and adds Android-based infotainment to more models

The 2022 Volvo XC60 is getting a number of minor updates, plus Volvo is rolling out its Android-based infotainment system to more of its lineup. Starting with the XC60 news, Volvo is subtly adapting the front and rear bumper styling. It gets new front side intakes and a massaged lower bumper opening. Neither of those nearly unnoticeable changes do much to influence our opinion of the car. The new rear bumper design reveals a slight character adjustment, though. Like other recently-updated Volvos, the exhaust exit is made invisible under the car — there are no longer any exhaust pipes exiting from the rear. The dual exhaust seen on the regular XC60 was a nice touch, but this is simply more of Volvo preparing us for the electric future to come. As for tech, Volvo says that the XC60 will be one of the models to get the Android-based infotainment for 2022. The 2022 S90, V90 and V90 Cross Country will be adding this infotainment system, too. It comes with something Volvo is calling the “Digital Services Package” for four years at no cost. This package includes the Google Assistant, Google Maps, access to Google Play apps, the Volvo On Call app, a data/internet connection and access to the wireless phone charger. After four years, Volvo says that “customers can continue to use the package by opting for an extension.” The “extension” will certainly involve paying Volvo for continued access to the programs (though Volvo hasn't said how much yet), similar to BMW and its proposed subscription-based vehicle feature model. Seeing what you get with the package, itÂ’s made such that you need the package to make the infotainment system useful. Losing access to Google services with a Google-based infotainment system seems crippling on the surface, and VolvoÂ’s tying of the wireless phone charger functionality to this subscription service is also irksome.  Volvo is just introducing this package, and weÂ’re sure it will change over time as it matures, so this likely isnÂ’t the last weÂ’ll hear of the “Digital Services Package” story. ChargePoint in-car app View 5 Photos Lastly, Volvo is adding a new in-car ChargePoint app to its Android infotainment system that should simplify the charging process. It eliminates any need for you to get your phone or credit card out when you pull up to a charging station, assuming you're using a ChargePoint charger.

Ford, Volvo join Redwood in EV battery recycling push in California

Ford and Volvo will join battery recycling startup Redwood Materials in developing processes, starting in California, to collect end-of-life batteries from electric and hybrid vehicles and recover the materials for use in new batteries, the companies said Thursday. Redwood Materials, co-founded by former Tesla executive JB Straubel, formed an earlier partnership last fall with Ford to develop a “closed loop” or circular supply chain for electric vehicle (EV) batteries, from raw materials to recycling. On Thursday, Redwood Materials said it would work directly with dealers and dismantlers in California to identify and recover end-of-life battery packs. The materials in those packs will be recovered and recycled at Redwood Materials facilities in northern Nevada. U.S. automakers Ford and General Motors Co (GM) have said the battery recycling effort is crucial in efforts to develop a domestic supply chain to meet increasing EV demand. GM and battery partner LG Energy Solution last year announced a partnership with startup Li-Cycle to recycle battery scrap material from Ultium Cells, the GM-LG joint venture that is building battery plants in Ohio, Tennessee and Michigan. Redwood Materials has similar partnerships with battery makers Panasonic in Nevada and Envision AESC in Tennessee, as well as with Amazon. Ford and Amazon are among the investors in Redwood Materials. Reporting by Paul Lienert in Detroit; Editing by Mark Potter Green Ford Volvo Green Automakers Electric