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Volvo Cars hopes to raise $2.9 billion in its stock IPO

STOCKHOLM/LONDON — Geely-owned Volvo Cars plans to raise 25 billion Swedish crowns ($2.9 billion) through an initial public offering (IPO), the Swedish carmaker said on Monday of what would be one of Europe's biggest listings this year. Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder. In 2018, Volvo Cars and Geely, which also owns an 8.2% stake in Sweden's Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks. "Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitization," the Swedish company said in a statement. Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric models by 2030. Volvo said is targeting an operating margin of between 8% and 10% by 2025. It is also aiming for annual sales of 1.2 million cars, up 56% from the 770,000 it sold in the 12 months to June 20 this year. Electric push The carmaker said it expects 50% of sales to be fully electric cars by the middle of the decade and that 50% of sales will be made online rather than in dealerships. Volvo Cars said earlier on Monday that its sales in September fell 30% from a year earlier, dented by the global components shortage. Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion. Volvo Cars had previously said it was considering a Stockholm listing in the second half of 2021. A Volvo spokesperson on Monday said that the company had no comment on valuation or on how much of the business would be sold in the IPO. "There will be further information published in connection with the prospectus," she said. Electric-car maker Polestar, which is owned by Geely and Volvo, last week said it will go public by merging with a U.S.-listed special purpose acquisition company (SPAC) backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Volvo C40 Recharge charging

2023 Volvo XC40 Recharge First Drive Review: EV SUV is petite, potent and unpretentious

After years of polishing its plug-in hybrid powertrains, Volvo is jumping into the electric vehicle space with both feet. But rather than trying to make an immense splash in the deep end, Volvo elected to start with its entry-level vehicles – the 2023 XC40 Recharge and its mechanical twin, the C40. Fear not. While they may be small, they are charmingly mighty. Volvo was so eager for us to sample the XC40 Recharge that it actually loaned us a 2022 model for the purpose of this writeup after announcing its planned updates for 2023 XC40 lineup. The changes are of virtually no consequence in the context of this review, as most of them serve to catch the standard XC40 up to the Recharge model, which was already equipped with VolvoÂ’s latest goodies, including GoogleÂ’s new Android Automotive infotainment suite. There are some aesthetic updates (ooooooh, new fog light trim!) but nothing truly noteworthy. While the XC40 is meant to appeal to a more crossover-minded buyer, it and the C40 are virtually identical. While Volvo offers pared-down versions of its EV powertrain in other markets, America gets only the “Twin” variants of each, named thusly for their pair of electric motors. Nope, no bargain-priced FWD-only models here. From the $54,645 (destination included) base model on up, you get 402 horsepower, 486 pound-feet of torque and all-wheel drive. It being a Volvo, everything inside is a little bit different (perhaps just for the sake of being so) but without being Saab levels of weird. Take the time-tested process of turning the car on, for example. There isnÂ’t a key nor start button; VolvoÂ’s electrics are just on by default. If youÂ’re in the car and the key is present, youÂ’re live. Put it in whatever gear you like and set off on your way. When youÂ’re done, put it in park, get out, lock the door and, should you need to or want to, plug it in. While that may seem superficially unconventional, itÂ’s fundamentally a very Volvo thing to do. There are those who choose to believe that Tesla deserves credit for normalizing minimalism in car interiors. ThatÂ’s a neat theory, but VolvoÂ’s been doing it better for longer — and not as a disguise for being cheap. Eliminating the on/off switch seems very on-brand for a company whose cabins have long resembled that one section of the Ikea maze where the college kids canÂ’t even afford to window shop.   If anything, the XC40 Recharge and the C40 both lean a little too far in that direction.

IIHS says these are the safest cars of 2013

The Insurance Institute for Highway Safety (IIHS) has revealed its annual list of Top Safety Picks, an award that highlights automobiles it says offer "superior crash protection." A new and still more significant award, the Top Safety Pick+ honor, is given to those vehicles that earn good ratings for occupant protection in four out of five areas of measure. And while some 117 vehicles were given the TSP seal of approval for 2013, just 13 passed muster for TSP+.
To be fair, IIHS only evaluated 29 vehicles with its new testing procedures for TSP+ (we'd expect that the number of qualified cars will rise substantially for 2014). Luxury and Near Luxury midsize cars were the first groups evaluated, followed by midsizers in the Moderately Priced Cars category - unsurprisingly, it's only midsize cars that you'll find among the class this year.
Only two luxury sedans made the list of 13 for 2013: the Acura TL and Volvo S60. The other 11 cars on the list included entries from domestic, Japanese and German car makers: Dodge Avenger, Chrysler 200, Ford Fusion, Honda Accord (sedan and coupe), Kia Optima (but not its close kin, the Hyundai Sonata, strangely), Nissan Altima, Subaru Legacy and Outback, Suzuki Kizashi and the Volkswagen Passat all made the grade.