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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.

Android Auto to add vehicle-integrated EV route planner for Google Maps

Google just dropped all of its CES news, and there are a whole lot of new features for Android Auto and vehicles with Google Built-In infotainment systems to parse through. Starting with Android Auto, electric vehicles will have much deeper integration with Google Maps when you’re navigating. Google Maps will know your current state of charge, predict a state of charge level for your destination, suggest charging stops along the way for the most efficient route and even tell you how long each charge stop will take depending on your vehicle. ThatÂ’s a level of integration we havenÂ’t seen before from using Android Auto in an EV and should make route planning a much more streamlined process. Of course, the caveat here is that Google will need to work with the manufacturers to have access to the kind of vehicle data required to make such a holistic EV navigation system work without hiccups. Google says that the feature will be rolling out to both the Ford Mustang Mach-E and F-150 Lightning “in the coming months, with others to follow.” WeÂ’ll be impatiently waiting to try it out. As for Google Built-In news, Google says that as of today, youÂ’ll be able to send a trip that youÂ’ve planned on your phone to your car via the Google Maps app. Despite Google Maps being the native navigation system for many cars these days, itÂ’s still easier to plan a multi-destination route on your phone than tapping through the motions on the carÂ’s screen, but should no longer be an issue with this update. Additional apps are coming online in the Google Play Store that you can download to your car, too. Volvo and Polestar cars will be able to download the Google Chrome browser later this year so you can browse the web directly from your infotainment system. Both PBS Kids and Crunchyroll are being added for your streaming convenience (while charging or parked), and The Weather Channel app is available, too. ThatÂ’s all Google revealed today, but it also hinted that Digital car key support will be expanding support to more vehicles and more Android phones in the future. Plus, it says even more OEMs will continue to launch infotainment systems with Google Built-In. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green CES Ford Volvo Technology Infotainment Smartphone Truck Crossover Electric Luxury Performance Polestar

Lexus GX and TX, and Volvo EX30 revealed | Autoblog Podcast # 784

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. They've been driving the Mercedes-Benz GLB Class, as well as the Kia EV6 and EV6 GT. In the news, the new Lexus GX and TX SUVs have been revealed, Ram previewed its compact Rampage truck, Chevy has a Panther-inspired Camaro Collector's Edition, and Volvo unveiled is EX30 city EV. Our hosts take to Reddit for car recommendations, and to the Mailbag for beer tips. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast # 784 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Mercedes-Benz GLB Kia EV6 vs. EV6 GT 2024 Lexus GX revealed 2024 Lexus TX revealed Ram Rampage is a 1500-like unibody truck for Latin America 2024 Chevy Camaro Collector's Edition pays tribute to Panther code name 2025 Volvo EX30 revealed Spend my Money Mailbag Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: