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Sweden's Prince Carl Philip to race for Volvo in STCC

Prince Carl Philip Bernadotte has it good. He is a member of the Swedish Royal Family, he dates a model and he has been voted by Forbes as one of the "20 Hottest Young Royals." If that were not enough, he is a fairly successful racecar driver. The latter has earned him a spot on the Volvo Polestar racing team for the Swedish Touring Car Championship. The prince will be piloting a race-spec S60 in the 2013 STCC campaign.
Starting in 2008, Prince Carl Philip began competing in the Porsche Carrera Cup, where he placed as high as 11th. In 2010, he finished first in the Porsche GT3 Endurance competition, and most recently, he placed fourth in the 2012 Swedish GT GTB.
As his motorsport career up to this point suggests, the prince is quite serious about racing and the STCC is the next step up. According to Prince Carl Philip, "There is no tougher championship in Sweden and at the same time as I have respect for it, it motivates me greatly." You can read more on Prince Carl Philip's upcoming campaign with Polestar in the press release below.

Volvo Cars plans $20 billion stock IPO this month, sources say

STOCKHOLM — China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was penciled in for the end of September. Goldman Sachs and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available. Geely, which bought Volvo from Ford more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Traditional carmakers have fallen out of favor in recent years, as Tesla has risen to be one of the world's most valuable companies, putting the focus on electric vehicles. Many European firms have pivoted toward the electric sector, including Volvo, which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar. Valuation Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion. A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook. A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler and BMW. Tesla's valuation is more than 70 times that. NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion. "The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said. For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

2024 Volvo XC60 Review: Ignore the Germans, go Swedish

Pros: Elegant styling and beautiful cabin; spacious for the segment; excellent plug-in hybrid option; solid value Cons: Middling handling; pricey and strange Polestar performance model There's no doubt that European luxury SUVs are dominated by German carmakers. But what if you're looking for something a bit different? The 2024 Volvo XC60 may be the alternative you've been seeking, with unique Scandinavian design inside and out. Add in Volvo's commitment to safety, which should be of particular importance to family-minded shoppers, and the XC60 should have even stronger appeal. The XC60 is available as either a mild-hybrid or a more powerful Recharge plug-in hybrid, which can drive as many as 36 miles on electricity alone. We're certainly fans of the plug-in model, but its significant price premium may have shoppers settling on the more-than-adequate B5 base engine. More likely than not, prospective owners will spend more time configuring the interior. There are several choices of upholstery and interior trim that should fit a variety of tastes, and we're especially fond of the wool blend seats that are available on the Recharge. The XC60 isn't as sporty as the BMW X3, Mercedes-Benz GLC or Audi Q5, but that shouldn't matter much for the typical SUV driver. If you're one of the rare drivers who wants more athletic handling, the Polestar Engineered model should satisfy, but it comes at the cost of ride comfort. Considering the similarly sized Volvo V60 wagon would perhaps be a stronger alternative, including the raised, all-wheel-drive Cross Country model. Whichever route you take, the 2024 Volvo XC60 is a classy, safe and sensible alternative to the more common luxury SUVs. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2024? The XC60 lineup gets pared down a bit. The base B5 engine is no longer offered with front-wheel-drive and the more powerful B6 engine has been discontinued. There are some additions, though, including an air purifier for Plus and Ultimate trims and laminated windows for the Ultimate. A new Black Edition appearance package also debuts for the top trim. What are the XC60 interior and in-car technology like? Volvo’s attractive and refined shape is mirrored in its stylish, welcoming interiors.