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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

Volvo will issue world's first EV battery passport ahead of EU rules for 2027

LONDON — Volvo Cars is launching the world's first EV battery passport recording the origins of raw materials, components, recycled content and carbon footprint for its flagship EX90 SUV, which is about to start production, the Swedish automaker told Reuters. The passport was developed by Volvo, which is owned by China's Geely, in partnership with UK startup Circulor, which uses blockchain technology to map supply chains for companies, and took over five years to develop. Battery passports will be mandatory for electric vehicles (EVs) sold in the European Union from February 2027 showing the composition of batteries, including the origin of key materials, their carbon footprint and recycled content. Volvo's head of global sustainability Vanessa Butani told Reuters that introducing the passport nearly three years before regulations kick in was aimed at being transparent with car buyers as the automaker targets producing only fully-electric cars by 2030. "It's really important for us to be a pioneer and a leader," Butani said. The EX90 SUV with a battery passport is due to start production soon at Volvo's plant in Charleston, South Carolina, and will be delivered to customers in Europe and North America from the second half of the year. Volvo owners can access a simplified version of the passport using a QR code on the inside of the driver's door. Butani said the passport would be gradually rolled out to all of Volvo's EVs. A more complete version of the passport will be passed to regulators. It will also include up-to-date information on the EV battery's state of health - vital for assessing used EV values - for 15 years and will Volvo cost around $10 per car, Circulor CEO Douglas Johnson-Poensgen told Reuters. Circulor's system traces battery materials from the mine to individual cars, piggybacking on suppliers' production systems to track materials throughout the supply chain and checking suppliers' monthly energy bills - and how much of their energy comes from renewable sources in order to calculate a total carbon footprint. If Volvo brings on board a supplier, Circulor will need to audit it to keep information current, Johnson-Poensgen said. The passport has also required changes in how Volvo traces parts through its manufacturing process to understand the origins of every part in every vehicle. "Car manufacturing has never been about which rock went into which component and which got connected to which car," Johnson-Poensgen said.

Volvo, Daimler, Traton join forces to build electric truck charging network

Volvo Group, Daimler Truck and Volkswagen's AG heavy-truck business the Traton Group announced on Monday a non-binding agreement to build a network of high-performance public charging stations for electric heavy-duty long-haul trucks and buses around Europe. The news was first reported by Reuters. The three major European automakers will invest ˆ500 million (~$593 million USD) to install and operate 1,700 charging points in strategic locations and close to highways. They intend to finalize the agreement by the end of this year and start operations next year, with the hopes of increasing the number of charge points significantly as the companies seek additional partners for the future joint venture. The venture is meant to be a catalyst to prepare for the European Union's goals of carbon-neutral freight transportation by 2050. One of the main deterrents for both individuals and freight companies for switching to EVs has historically been a lack of charging infrastructure. By building that infrastructure, Volvo, Daimler and Traton can also expect to boost their own sales of electric trucks and buses. “It is the joint aim of EuropeÂ’s truck manufacturers to achieve climate neutrality by 2050," Martin Daum, CEO Daimler Truck, said in a statement.  "However, it is vital that building up the right infrastructure goes hand in hand with putting CO2-neutral trucks on the road. Together with Volvo Group and the Traton Group, we are therefore very excited to take this pioneering step to establish a high-performance charging network across Europe.” The partnership between Volvo and Daimler isn't unprecedented. In May, the two competitors teamed up to produce hydrogen fuel cells for long-haul trucks to lower development costs and boost production volumes. This latest venture is another signal that major companies are banding together to solve climate-related issues in the industry. European car industry association ACEA has called for up to 50,000 high-performance charging points by 2030. Traton CEO Matthias Gruendler told Reuters that roughly 10 billion euros would be needed to build out Europe's infrastructure to be fully electrified by 2050. According to a statement released by Volvo, this venture is also a call to action for others with a stake in the industry, like automakers or governments, to work together to ensure the rapid expansion needed to reach climate goals.