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Geely to sell $1.3 billion of Volvo Truck shares

China’s Zhejiang Geely Holding Group is selling the entirety of its Class B shares in truckmaker Volvo AB that were worth 14.46 billion Swedish krona ($1.32 billion) at the close of trading in Stockholm. In a statement, Geely said the divestment is “in accordance with its long-term strategy” and that it will remain VolvoÂ’s second-largest investor with 88.5 million A shares. “Geely HoldingÂ’s strategic adjustment and inclusion of AB Volvo in its automotive manufacturing and investment portfolio is part of the groupÂ’s risk management and diversified investment strategy,” the company said.   Geely is offering the 49.5 million shares through BofA Securities, Goldman Sachs Bank Europe and Barclays, according to a term sheet. The Sweden-based holding company that owns GeelyÂ’s stock guided that itÂ’s selling for SEK285.9 a share, a more than 2% discount from its closing price. Volvo reported first-quarter operating profit that beat analystsÂ’ expectations on Wednesday, as the truckmaker offset waning orders by charging higher prices. The company has been reducing production as demand returns to more typical levels following a post-pandemic recovery period. Its shares have advanced 12% this year. Geely pared its stake in Volvo in January and also sold some of its holding in Volvo Car AB in November. The holding company behind one of ChinaÂ’s most prominent carmakers early this year had to bail out Polestar, the struggling electric-vehicle manufacturer it started along with Volvo Car.   Earnings/Financials Volvo Truck Commercial Vehicles volvo trucks

Volvo fires up S60 and V60 Polestar production

We were pretty smitten with the Volvo S60 and V60 Polestar models during our First Drive in Sweden a few months ago. We especially loved the way that its Öhlins adjustable dampers offered a perfect balance between suppleness and sporty handling. Now, the rest of the world will finally be getting the chance to take the Polestar models for a spin because Volvo is shipping out the first units of the limited-edition vehicles.
Their completion marks the first time ever that Polestar-tuned models have come off the line at Volvo's Torslanda factory. However, production of the 350-horsepower hatchback and sedan is very limited. Volvo is building a total of just 750 of them for the world market, and the US is only getting 80 wagons and 40 sedans.
In addition to the cutting-edge dampers and more powerful engine, both Polestar models benefit from a rear-biased all-wheel-drive system routed through a six-speed automatic with paddle shifters and launch control. Six-piston Brembo calipers bring things to a halt, and the limited models get unique front and rear fascias and 20-inch wheels. These are two very hot Swedes, and if rumors are right, then there are even more tuned Volvos from Polestar on the way. Scroll down to read the full announcement.

Volvo EX30 Deep Dive: Designing a budget SUV

We just spent a couple days with, in and around Volvo’s latest all-new electric vehicle, the EX30, at the companyÂ’s headquarters in Gothenburg, Sweden, and we came away impressed. We went in with questions, and came out with answers, or so we think, though some of them will remain until we drive it in November. A number of automakers are promising truly affordable EVs, ones that not only undercut the current, $4,600 price differential between new battery-powered cars and their internal combustion powered siblings, but ones that are significantly lower than the general average new car transaction price, which is currently nearly $50,000. Mass market EVs like this are important, if we are to make a real environmental impact with our switch to battery power, as there is little that is green about the resource-hoarding production and utilization of niche, six-figure, five-ton electric pickups and SUVs. Volvo aims to be first to market with such a car, with the compact EX30, which it plans to sell starting at $35,000. This is a new category offering for the brand, one that slots in well below the current XC40 Recharge EV in terms of price and size. For contrast, that car starts at around $50,000, and is 8 inches longer, 4 inches higher and nearly 3 inches wider. Volvo EX30 View 22 Photos This seems like a strange move for a company whose mission, since being purchased by the Chinese manufacturing company Geely, has been to move upscale into the same consideration set as the luxury German brands. But, as is often the case, Volvo is taking its own path. “This is indeed a lower segment for us,” says Joakim Hermansson, the vehicle product lead for EX30, as he walks us around the car, inside and out, and allows us to sample the sharp accelerative abilities of the range-topping, 442 hp, dual-motor, all-wheel-drive model (0-60 in 3.4 seconds.) “But itÂ’s still premium for Volvo, providing hallmark features of safety, sustainability and personalization, as well as performance.” He's not wrong about any of these. This EX30 comes standard with VolvoÂ’s extra-strength safety cage as well as lane-keeping, adaptive cruise control and blind spot monitoring. Perhaps most notably, it has an all-new interior design that capitalizes on the efforts the brand has been making toward its internal goal of being fully circular in its sustainability efforts by 2040.