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Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.

How the Chinese tycoon driving Volvo plans to tackle Tesla

HANGZHOU, China — "Do you know how big Volvo is?" asked Don Leclair, finance chief at Ford. It was 2008, and Leclair was responding to an offer from a little-known Chinese businessman to purchase the Swedish carmaker, which Ford owned. The businessman, Li Shufu, had a company with less than half Volvo's sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the "Glass House," Ford's iconic headquarters near Detroit, according to two people who were at the meeting. Ford's Leclair did not respond to requests for comment about the episode. Fast-forward to 2021 and Li Shufu's company, Zhejiang Geely Holding Group, is one of the biggest-selling automakers in the world's biggest auto market. It controls not only Volvo Cars but also a clutch of global auto brands, and a significant stake in German giant Daimler AG, the maker of Mercedes-Benz. These names are now part of its plans for a revolution in autos. Geely is preparing Volvo for a listing on the Nasdaq Stockholm exchange as a route towards the future of transportation: One where cars are part of an electrified network of mobility services, driving themselves, connecting to each other and — like cellphones — generating an array of data and new business opportunities. It's a vision more Silicon Valley than Detroit, where traditional automakers globally are chasing another giant — Tesla Inc. Li Shufu and his advisers eventually convinced Ford to part with Volvo in 2010 for $1.8 billion. It was the first in a string of deals, tapping brands such as Lotus, Smart and the London Electric Vehicle Company to form a network that he calls a "bigger circle of friends" across industry segments. Li Shufu sees them as building blocks to help Geely compete in a future where autos are not vehicles, but "service providers," he told Reuters in his management suite at Geely's headquarters in Hangzhou, eastern China. In that business model, cars will be available on subscription and offer services such as making payments and in-car apps. They will update their own software, and spawn opportunities in the same way as the mobile operating systems developed by Apple Inc and Google. "We are trying to create an automotive ecosystem similar to Android," he said. Li Shufu, 58, recently adopted a foreign first name - Eric - because he liked the sound of it.

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.