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2025 Volvo EX90 now $3,300 more expensive thanks to materials costs

Without any fanfare, and with sharp surprise to some dealerships and reservation holders, Automotive News reports Volvo upped the price on all EX90 trims by $3,300. The automaker told the outlet that it raised prices on May 1, a month before the EX90 entered production after almost a year of delays. Volvo said it told its dealer body and reservation holders about the increase on June 26, the same day it informed reservation holders that the electric SUV would miss certain features on delivery and be programmed with workarounds for some unsolved issues like battery drainage when parked. The omissions include at least one of the lidar-centric safety systems that Volvo touted as putting the EX90 ahead of the competition when the car launched. The company told one reservation holder the software gaps would be filled in sometime in the "early ownership" phase, the only rational kind of non-answer available to automakers working through EV bugs. We couldn't find any active EX90 forum threads about the price increase, a strange absence for an anticipated vehicle with more than 10,000 preorders. In a Reddit thread from June 27, a commenter writes, "Just got my [EX90] customization email and the price has indeed increased to $79,995 + $1,295 destination fee," making it sound like being surprised by the automaker instead of being informed, such surprise matching a story another potential buyer told AN. And now a note on the EX90 configurator warns shoppers that "Ventilated Nordico is expected to be delivered towards the latter part of the estimated delivery time above." Since there are no delivery times yet, that means no ventilated seats for U.S. buyers for an unknown amount of time.  The new MSRPs figures for EX90 in base Twin Motor form after the $1,295 destination charge are:  Plus 7-seater: $81,290  Plus 6-seater: $81,790  Ultra 7-seater: $85,640  Ultra 6-seater: $86,140  Add $5,000 to these prices to for the Twin Motor Performance drivetrain. Both versions run off a 111-kWh battery from CATL. The first provides a total of 402 horsepower and 568 pound-feet of torque, and a 0-60 time of 5.7 seconds. The performance version is good for 496 horsepower and 671 pound-feet of torque, shrinking the 0-60 time to 4.7 seconds. A company spokesperson named rising materials costs as the culprit.

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.

Defying Trump, major automakers finalize California emissions deal

WASHINGTON — The California Air Resources Board (CARB) and major automakers on Monday confirmed they had finalized binding agreements to cut vehicle emissions in the state, defying the Trump administration's push for weaker curbs on tailpipe pollution. The agreements with carmakers Ford Motor Co, Volkswagen AG, Honda Motor Co and BMW AG were first announced in July 2019 as voluntary measures prompting anger from U.S. President Donald Trump. A month later, the Justice Department opened an antitrust probe into the agreements. The government ended the investigation without action. The Trump administration in March finalized a rollback of U.S. vehicle emissions standards to require 1.5% annual increases in efficiency through 2026. That is far weaker than the 5% annual increases in the discarded rules adopted under President Barack Obama. The 50-page California agreements, which extend through 2026, are less onerous than the standards finalized by the Obama administration but tougher than the Trump administration standards. The automakers have also agreed to electric vehicle commitments. Volvo Cars, owned by China's Geely Holdings, said in March it planned to join the automakers agreeing to the California requirements. It has also finalized its agreement. The settlement agreements say California and automakers agreed to resolve "potential legal disputes concerning the authority of CARB" and other states that have adopted California's standards. In May, a group of 23 U.S. states led by California and some major cities, challenged the Trump vehicle emissions rule. Other major automakers like General Motors Co, Fiat Chrysler Automobiles NV and Toyota Motor Corp did not join the California agreement. Those companies also sided with the Trump administration in a separate lawsuit over whether the federal government can strip California of the right to set zero emission vehicle requirements. Ford said the "final agreement will reduce emissions in our vehicles at a more stringent rate, support and incentivize the production of electrified products, and create regulatory certainty." BMW said "by setting these long-term, predictable, and achievable standards, we have the regulatory certainty that is necessary for long-term planning that will not only reduce greenhouse gas emissions but ultimately benefit consumers as well."