1993 Volvo 960 No Reserve on 2040-cars

Auto blog

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

2024 Volvo C40 and XC40 Recharge First Drive Review: Back to the RWD future

The 2024 Volvo XC40 Recharge and C40 EVs will be available with rear-wheel drive, replacing the front-wheel-drive version that has been the fraternal pairing’s single-motor base model. This is obviously newsworthy — why else would I be writing about it? But does it actually mean anything? After driving both of these vehicles around the lakes, seaside, perfectly-maintained highways, and cobblestoned urban streets proximate to the brandÂ’s headquarters in Gothenburg, Sweden, I can say that the answer is, not really. But thatÂ’s not really VolvoÂ’s fault. The last time Volvo sold a rear-wheel-drive vehicle in the United States was 1998 when the cushy, brick-like 960 was retired (officially S90 and V90 in their final year). Everything thereafter was front-wheel drive or at least on a front-drive-based platform, in no small part due to the additional all-weather traction and stability afforded by the additional weight of an internal combustion engine and transaxle over the drive wheels. In short, it was safer, and even as Volvo moved away from decades of arcane, rectilinear design, safety remained its raison dÂ’etre.   That hasnÂ’t changed, but according to Volvo, EVs have fundamentally changed vehicle dynamics, centers of gravity, and weight distribution to refute the front-drive argument. A Volvo spokesperson told me that this new one-motor layout in the XC/C40, driving the rear wheels, with contemporary advanced driver assistance systems, is better in inclement weather than a gas-engine/FWD combo. That explains why the switch to a standard rear-drive layout doesnÂ’t run afoul of VolvoÂ’s established ethos, but why make the switch in the first place? Whether it was the plan all along, or just an advancement of next-generation technology to prolong and extend the relevance of these vehicles, is not something Volvo would comment on. In any event, many of the base EVs that are in or near the XC/C40Â’s competitive set — the VW ID.4, the Kia EV6, the Hyundai Ioniq 5 — feature rear-wheel drive in their single-motor setup. It is notable that all of those cars were developed from the ground up as EVs and could be optimized for the aforementioned dynamics. The XC40 and C40 were built on a platform capable of accommodating gas-only, plug-in hybrid and full-electric powertrains.

2023 Volvo S60 and V60 get small updates

The Volvo S60 sedan and V60 wagon have been updated for the 2023 model year, their mid-life refresh. We don't know the specifics of how our U.S.-market models will be updated, a Volvo spokesperson telling Car and Driver that information comes this spring. We can look to Europe for the broad strokes, however, and it appears we won't have to look too long nor too hard. The S60 sedan hasn't changed in front, whereas the V60 gets a revised lower front fascia with slightly wider intakes accented by blades of chrome garnish, and a center intake that's a wee bit taller than on the current model. In back, both cars hide their tailpipes. There will be at least one new wheel option as well, six-spoke jobs cribbing from the aero rims designed for the XC40 Recharge. And that's all we have to say about that.  Inside, Google's Android Automotive infotainment software continues its propagation throughout the Volvo lineup, bringing the same functionality to the 9-inch display that we've sampled in a few other Swedish offerings so far.   We only get the 2.0-liter turbocharged four-cylinder engine in the United States, aided by 48-volt mild-hybrid (an update for 2022) or plug-in-hybrid electrical assistance depending on trim for the S60, while the V60 wagon — not the lifted V60 Cross Country — is only sold as the Recharge Polestar Engineered in the United States. Don't expect any deviations on the ICE side, but the PHEV trims benefit from a larger battery and more powerful motor.  In Europe, the B3 and B4 trims will enjoy a new seven-speed dual-clutch. We don't expect that gearbox to be headed our way. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. What makes the Volvo V60 Cross Country a Cross Country | Autoblog