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Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.

Volvo Cars laying off 1,300 as it steps up cost cuts

Volvo Cars will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based automaker said on Thursday. While an earlier efficiency drive had begun to show results, with Volvo this week reporting a strong first quarter, more efficiency was needed, CEO Jim Rowan said in a statement. "Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time," he said. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan told Reuters the group did not yet know how much it would save from the new measures. "We're still working the details through on that," he said in an interview. The company said it had issued redundancy notices for 1,100 employees, while the remaining 200 white-collar positions would be identified following a review of the business across Sweden. It said it also expected to cut jobs and reduce costs across its global operations in the coming months, including its consultancies. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. "We sell in over 80 countries or so worldwide, so I think there's opportunities for us to become more efficient across the entire network," he told Reuters. Volvo Cars shares were down 3.87% at 0848 GMT.   Earnings/Financials Hirings/Firings/Layoffs Volvo SUV Luxury

Volvo prices its entry-level 2025 EX30 EV

Volvo announced Tuesday that it kept its promise to launch its new entry-level 2025 EX30 EV with an MSRP of $34,950 ($36,245 after Volvo's now-$1,295 destination fee). On top of that, we now have full pricing for the EX30 range, from the Core on up to the twin-motor Ultra. Just how reasonably priced is this new premium compact electric crossover? Well, every trim's MSRP starts below the current average transaction price for a new vehicle in the United States — and note we didn't say "electric" there.  The EX30 is offered in two powertrain variants, each with its own trim structure. The Single Motor Extended Range is offered in Core, Plus and Ultra trims. Meanwhile, the Twin Motor Performance is offered in just two: Plus and Ultra. The configuration names give it away, but if frugality is your game, the 275-mile Single Motor Extended Range is for you; if you want to hit 60 in just 3.4 seconds at the expense of range, then the Twin Motor Performance is what you're after. It'll cost you, of course; the jump from a Single Motor Core to a Twin Motor Plus is $9,950 — one heck of an upcharge for all-wheel drive — but remember: The two-wheel drive model is no penalty box. The single-motor EX30 is rear-wheel drive, not front. Here's the full pricing breakdown:  Single Motor Extended Range Core - $36,245 Plus - $40,195 Ultra - $41,895 Twin Motor Performance Plus - $46,195 Ultra - $47,895 Technically, the EX30 is $100 more expensive than we expected, but that's down to Volvo bumping up its destination fee for 2025. Hey, as Korzeniewski notes, they're still charging less to import an EX30 from overseas than Ford charges to ship an F-150 from Michigan, so we can't get too bent out of shape. Presumably the assembled-in-China EX30 does not qualify for the federal tax credit. Look for Volvo's bare-bones but stylish little electric crossover to hit dealerships in the first half of 2024; deposit holders will be able to configure their existing orders in the coming months.  Related video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.