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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.

Volvo Concept Recharge previews the future of Volvo design and technology

Volvo has announced a whole slew of information about where the company is headed, from battery technology to advanced driver aids. And it was all capped by the concept car you see above, the Volvo Concept Recharge. It all shows that Volvo's future is stylish, electrified and featuring the latest in safety technology. So, in a way, pretty much exactly what you'd hope and expect. Volvo didn't say much about the specifications of the Concept Recharge, but its design will clearly influence future Volvo models, including the company's upcoming flagship electric SUV that will be revealed next year. The front ditches even faux grilles for a sculpted fascia. The shape does echo some of the look of a grille, particularly with the Volvo slash and badge in the middle. The "Thor's Hammer" headlights remain, and in the case of the concept, they have wild running lights that slide up and out of the way inside the housing to make way for the actual projector headlights at night time. The whole shape of the car is based around the electric powertrain. It has a low floor and glass roof that means the whole body can be made lower and sleeker without compromising space. The wheels are pushed to the far edges, too. At the back, the car has slim vertical taillights, continuing a Volvo design tradition. On the roof, there is a lidar sensor placed at the top of the windshield. This is a significant piece of Volvo's future, as its next generation of vehicles, starting with that aforementioned SUV, will all come with one of these sensors as standard. It will be used in combination with cameras, radar, real-time data, machine learning and mapping data to provide advanced driver aids, including what Volvo describes as "unsupervised autonomous" driving in specific circumstances. Basically, it will be SAE Level 3 autonomy, a step beyond the hands-free, but still supervised Level 2 systems such as GM's Super Cruise. It will only be available on specific roads in specific circumstances, and so it won't be able to handle the entire driving task from driveway to driveway. The company expects to offer this level of autonomy on highways first, and it will only be in specific areas to begin. It didn't give an exact timeline for the roll-out and it will be a more gradual increase over time, rather than everything being launched all at once. The company also emphasized that it will only begin launching the features when they're well and truly ready.

Volvo teases minimalist, no-button EX90 interior

The march to the November 9 reveal of the Volvo EX90 takes its next step with these renderings of a pared down interior. We'll see soon how it looks once the new materials, textures, colors, and tunnel console are added, but for the moment, there are four elements: An instrument panel with a demure HVAC vent, broken up by a steering wheel, a small, uncovered screen behind the wheel, and an infotainment screen. The portrait-oriented tablet carries over from current Volvo design, so too a three-spoke wheel. Everything else in Volvo's current interior schemes is thrown out, including the knobs and buttons on the center console. It looks like the premium brand's version of the interior we were introduced to in the Polestar 3. Fitting, since both vehicles will ride on the same platform and be built at the same U.S. plant.  The cabin's physical design and the car's technology share a same philosophy, which is, "What you need, when you need it." Volvo says that the sensor suite around the EX90 will give the car a 360-view of what's happening outside and inside the car. " Thomas Stovicek, head of UX at Volvo Cars, said, "Since the car also understands its surroundings and you better than ever before, we can create an even safer situation by reducing mode confusion, distraction and information overload." On the infotainment side, we're told this will be done by the vehicle providing contextual options and menus on the two screens. The center screen, which looks larger than the current XC90 unit, performs the roles we've come to expect of it. Autocar spoke with automaker developers and said the screen "will also show information based on context. If you’re simply driving along, a bar near the bottom of the screen will show media information; if youÂ’re on a call, it will show other controls; if itÂ’s cold, it may show the defrost button, etc." This situational knowledge will be especially important as more roads are opened up to hands-free driving and as self-driving capabilities become more capable. Swedish engineers point to the handover from hands-free and autonomous driving back to hands-on driving as a crucial moment. It wants to make that handoff "effortless and intuitive." The display behind the steering wheel is where the driver will go first for traditional info like speed and range, also to understand the operational state of the driver aids.