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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.

Kia EV9 wins 2024 World Car of the Year and World Electric Car at New York Auto Show

The Hyundai Group refuses to release its kung-fu grip on winning prestigious vehicle awards, especially those for electric vehicles. In 2020, Kia took the overall World Car of the Year (WCOTY) title with the Telluride, won World Performance Car with the EV6 GT, and won the World Urban Car category with the Kia Soul EV. In 2021, after the Hyundai Group walked away with nothing but a free lunch, the Hyundai Ioniq 5 won the 2022 World Car of the Year laurels, plus World Electric Vehicle and World Car Design of the Year, followed in 2023 by the Hyundai Ioniq 6 winning the same three awards. Kia returns to the top step today, the new EV9 announced at the New York Auto Show as the 2024 World Car of the Year and World Electric Vehicle. Because the South Koreans like to do this in threes, the Hyundai Ioniq 5 N won World Performance Car.  One hundred automotive scribes from 29 countries tested 38 vehicles for the main prize. The qualifications for entry are that a car must exceed 10,000 units in production annually, be on sale in at least two major global markets, and be priced below the luxury options in their respective regions. The EV9 beat the BYD Seal and the Volvo EX30 to the WCOTY title. Thirty-two cars vied for honors in the electric category, the EV9 outdoing the BMW i5 and the Volvo EX30. The German and the Swede aren't leaving New York with nothing, however, as the BMW 5 Series and i5 won the World Luxury Car title, and the EX30 won the World Urban Car trophy.  The Hyundai Ioniq 5 N outdid 16 other performance cars. We're sure there are engineers in Germany looking hard into their beer right now, the Ioniq 5 N pipping the M2 and XM to the victory circle.  The surprise of the bunch is the inclusion of the Toyota Prius, the global hybrid icon thrashing 70 other entries to win the 2024 World Car Design of the Year award. The other two finalists? The Ford Bronco and the Ferrari Purosangue. Ladies and gentlemen, give it up for the Prius. 

Volvo XC40 Recharge Luggage Test: How much fits in the cargo area?

Note: This post has been updated because, well, I goofed a bit. Turns out it can probably hold just a wee bit more than I originally thought. Oh, and I added a bit about the frunk. The Volvo XC40 Recharge is the all-electric version of Volvo's subcompact SUV that is also available in gas-only versions. According to the uniquely extensive cargo dimensions Volvo shares for its vehicles, every XC40 regardless of power source has the same 20.4 cubic-feet of cargo space as measured from the floor to the headliner with the front seat "limited by vertical plane tangential to the rear side of the second seatback." Like I said, uniquely extensive. There is 16 cubic-feet when measured to the top of the seatback, which is probably more applicable to my luggage tests, but other car companies don't provide those measurements, and if they do, they don't actually indicate as such — and make it seem like their SUVs are smaller and less competitive than they actually are.  One such example is Mercedes-Benz and the GLB/EQB, which is one of the XC40's chief competitors. Its specs say it has 24.0 cubic-feet of cargo space (almost certainly the top-of-the-seatback measurement), but it definitely has more than that since it can hold roughly the same amount of stuff inside its boxy cargo area as a Subaru Outback. In other words, the XC40 is very unlikely to be getting best-in-segment status here. But who knows, let's see! This is a pretty hatchbacky space, so still not looking good for the XC40 toppling the GLB/EQB. It does look pretty similar to the Q4 E-Tron, so let's bring that into the equation.  As you can see, the XC40 has a large, hatchback-style cargo cover. That means I'll have to test with and without that cover.  As with every Luggage Test, I use two midsize roller suitcases that would need to be checked in at the airport (26 inches long, 16 wide, 11 deep), two roll-aboard suitcases that just barely fit in the overhead (24L x 15W x 10D), and one smaller roll-aboard that fits easily (23L x 15W x 10D). I also include my wife's fancy overnight bag just to spruce things up a bit (21L x 12W x 12D). So yeah, I neglected to take a shot of the bags with the cargo cover attached. Sorry. Nevertheless, as you can kinda see here, I could fit the four biggest bags with the cargo cover being propped up by them. This would be worse than the Q4 E-Tron, which could fit all but the fancy bag.