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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

12 best hybrid SUVs for 2022

If you're searching for the best hybrid SUV, the truth is there actually aren't that many choices. While there's an endless sea of those powered solely by gasoline, those that add batteries and superior fuel economy to the mix are few and far between. The very good news, however, is that the choices you have are actually excellent. The top-selling and top-rated Honda CR-V and Toyota RAV4 are not only available as hybrids, for instance, but are actually at their most appealing as hybrids.  Luxury hybrid SUVs are a different story. While Lexus offers each of its crossover SUVs as a conventional hybrid, those of other brands are by and large plug-in hybrids that provide a relatively brief amount of all-electric propulsion, superior fuel economy and higher prices that are somewhat countered by EV tax rebates. We include both conventional hybrids and plug-in hybrids in the below list of best hybrid SUVs. All are listed alphabetically within each category. Best small hybrid SUVs   |   Best midsize hybrid SUVs Best luxury hybrid SUVs   |   Best luxury plug-in hybrid SUVs Best small hybrid SUVs Honda CR-V Hybrid Why it stands out: Best-in-class back seat space; hybrid's distinctive EV-like power delivery; middle lower LATCH anchorCould be better: Antiquated and glitchy tech interface; a bit dull Hybrid fuel economy: 38 mpg combined (AWD only) Read our 2022 Honda CR-V Review Consider the CR-V the baseline for any compact SUV search. Objectively speaking, it's tough to beat due to its massive cargo capacity, voluminous back seat, well-balanced driving dynamics, competitive pricing and features, strong safety ratings and well-regarded reliability. In terms of its hybridness, we like that Honda's distinctive hybrid system sees most of its propulsion handled by the electric motor (the engine rarely powers the wheels directly), resulting in a more EV-like, torque-rich power delivery and a less obtrusive gas engine. For the vast majority of compact SUV buyers, and especially families, the CR-V Hybrid checks every box.    Hyundai Tucson Hybrid Why it stands out: Beautiful interior; excellent infotainment and safety technology; traditional automatic transmissionCould be better: No spare tire; styling a tad outrageous Hybrid fuel economy: 37-38 mpg combined (AWD only) Plug-in hybrid electric range: 33 miles Plug-in hybrid fuel economy: 80 MPGe Read our 2022 Hyundai Tucson Review The Tucson is the new kid in town and it's made quite an entrance.

Volvo EX30 Deep Dive: Designing a budget SUV

We just spent a couple days with, in and around Volvo’s latest all-new electric vehicle, the EX30, at the companyÂ’s headquarters in Gothenburg, Sweden, and we came away impressed. We went in with questions, and came out with answers, or so we think, though some of them will remain until we drive it in November. A number of automakers are promising truly affordable EVs, ones that not only undercut the current, $4,600 price differential between new battery-powered cars and their internal combustion powered siblings, but ones that are significantly lower than the general average new car transaction price, which is currently nearly $50,000. Mass market EVs like this are important, if we are to make a real environmental impact with our switch to battery power, as there is little that is green about the resource-hoarding production and utilization of niche, six-figure, five-ton electric pickups and SUVs. Volvo aims to be first to market with such a car, with the compact EX30, which it plans to sell starting at $35,000. This is a new category offering for the brand, one that slots in well below the current XC40 Recharge EV in terms of price and size. For contrast, that car starts at around $50,000, and is 8 inches longer, 4 inches higher and nearly 3 inches wider. Volvo EX30 View 22 Photos This seems like a strange move for a company whose mission, since being purchased by the Chinese manufacturing company Geely, has been to move upscale into the same consideration set as the luxury German brands. But, as is often the case, Volvo is taking its own path. “This is indeed a lower segment for us,” says Joakim Hermansson, the vehicle product lead for EX30, as he walks us around the car, inside and out, and allows us to sample the sharp accelerative abilities of the range-topping, 442 hp, dual-motor, all-wheel-drive model (0-60 in 3.4 seconds.) “But itÂ’s still premium for Volvo, providing hallmark features of safety, sustainability and personalization, as well as performance.” He's not wrong about any of these. This EX30 comes standard with VolvoÂ’s extra-strength safety cage as well as lane-keeping, adaptive cruise control and blind spot monitoring. Perhaps most notably, it has an all-new interior design that capitalizes on the efforts the brand has been making toward its internal goal of being fully circular in its sustainability efforts by 2040.