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2023 Volvo XC60 Review: Get the Recharge plug-in hybrid

Pros: Elegant styling and beautiful cabin; excellent plug-in hybrid option; solid value Cons: Middling handling; pricey and strange Polestar performance model The 2023 Volvo XC60 is the bread-and-butter SUV for Volvo since it’s in the very popular compact luxury segment. Thankfully for Volvo, the XC60 is a good, solidly competitive offering and one of our top-recommended choices in that segment. The most enticing part about the XC60 is its superb plug-in hybrid “Recharge” option. With 36 miles of range, a very strong electric motor and tons of power on tap from the gasoline engine, thereÂ’s no luxury compact SUV plug-in hybrid weÂ’d rather have. Of course, many of the XC60Â’s other elements are what make it so desirable. The 2022 update to revamp the vehicleÂ’s infotainment system give it a top-notch suite of tech offerings. ItÂ’s practically impossible to find the exterior styling offensive. Plus, who doesnÂ’t love an elegant Swedish-style interior? You can even get wool upholstery! One of our editors loved the XC60 so much that he actually bought one, so thereÂ’s a true endorsement coming straight from our wallets. Compared to other compact luxury SUVs, the XC60 wonÂ’t carve corners as well as a BMW X3 or Mercedes-Benz GLC. Plus, the Polestar Engineered performance model is a tad questionable considering it doesnÂ’t provide extra power and has manually adjustable dampers — yeah, you have to go twist the knob yourself. Those arenÂ’t exactly dealbreakers, though, and given the spacious back seat and cargo room, comfortable driving characteristics and excellent fuel efficiency, the stylish XC60 is an impossible-to-overlook option. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2023? For 2023, Volvo revamps its trim naming structure. Instead of the familiar Momentum, R-Design and Inscription options, buyers are now faced with Core, Plus and Ultimate. Additionally, the number of options packages are reduced and bundled together. The more important updates happened last year for the 2022 model where Volvo completely revamped the powertrain options, adding a mild-hybrid assist to the B5 and B6 models and providing big upgrades to the Recharge plug-in hybrid. You can read about these changes to the Recharge in our first drive story from 2022.

Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

Geely to release models developed with Volvo in 2015

Geely and Volvo will finally team up for a jointly developed vehicle, more than three years after the safety-minded Swedish brand was gobbled up by Geely's parent company, according to a report in Automotive News Europe. The story quotes Geely's CEO, Gui Sheng Yue saying, "We have entered into actual research and development stage and I believe we can see the new product in the year after next."
That means 2015, which is a mighty ambitious timetable to bring a vehicle to market. But as Geely's CEO explains, life isn't going to get any easier in the Chinese market, "Competitive pressure on domestic brands in the China market should increase considerably in the coming years as most major international brands are strengthening their presence," he told ANE. Those statements also tell us that we shouldn't expect to see Geely on American shores any time soon. The brand is simply too focused on topping the Chinese market, at least among CDM brands.