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2024 Volvo C40 Recharge and XC40 Recharge add RWD, bigger battery pack

Volvo revealed rear-wheel-drive versions of its C40 Recharge and XC40 Recharge for Europe a few months ago, but mum was the word on U.S. availability. That changes today, as Volvo just debuted a host of updates and changes coming to the electric SUVs sold here. The big, new offering is that both the 2024 C40 Recharge and 2024 XC40 Recharge will be available in entry-level rear-wheel-drive models. Volvo developed a new and more efficient 248 horsepower electric motor that will sit on the rear axle for these models. The battery pack is also updated to be more energy dense, so it’s now an 82 kilowatt-hour pack instead of a 78 kWh pack. Combine the more efficient motor with the bigger battery pack, and range skyrockets past the old AWD models. In this RWD configuration, the 2024 C40 Recharge is EPA-rated for 297 miles of range, and the XC40 Recharge at 293 miles.  Additionally, the charging experience should be greatly improved, as Volvo says itÂ’s upgraded the maximum charge speed to 200 kW instead of the 150 kW it could manage previously. A 10-80% charge should now take approximately 28 minutes instead of the 40 minutes Volvo estimated previously. ThatÂ’s going to make a big difference if youÂ’re road tripping with multiple stops. The dual-motor AWD version of both cars are getting some updates, too. Instead of the identical motors on the front and rear axle, Volvo is putting its new 248 horsepower motor on the rear and a lower power 147 horsepower motor on the front axle. That front motor is only engaged when itÂ’s needed, so Volvo says this updated AWD model will be more efficient than before. Unfortunately, both the C40 and XC40 Recharge AWD models will retain the old 78 kWh battery pack. This also means theyÂ’re saddled with the slower 150 kW charge speed. That said, the efficiency improvements from the new electric motor setup means range increases anyway. It goes up by 31 miles for the C40 Recharge to 257 miles, and by 21 miles for the XC40 Recharge to 254 miles. Other updates to the C40 Recharge and XC40 Recharge models include a new 19-inch aero wheel option, more paint colors and additional exterior themes to choose from. Updated pricing is not yet available. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.

Next Polestar Volvo sounds great, whatever it is

Something - we don't know what yet - is coming from Polestar. While we'll be recovering from next week's LA Auto Show and Tokyo Motor Show (and starting to slack off ahead of an extended Thanksgiving weekend), the official tuner of Volvo products has announced plans to unveil its latest creation in less than two weeks.
Based on this video teaser, we can only imagine (and hope) that it's the souped-up Volvo V60 recently caught testing by our spy shooters. The idea of a high-performance Volvo wagon was already enough to get us giddy last month, but the exhaust note in this video is downright captivating. Scroll down to watch the teaser for yourself, and be prepared for some bright blue wagony goodness to be revealed on November 26.