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Daimler, Geely mull China as production hub for hybrid powertrains

FRANKFURT — Daimler and Geely on Friday said China could emerge as a manufacturing and export hub for hybrid powertrains jointly developed for Volvo and Mercedes-Benz cars. Earlier this week, Daimler said it would cooperate with China's Geely to build next-generation combustion engines for use in hybrid vehicles. The engines will be produced in China as well as in Europe, and Geely and Daimler will cooperate in engineering, sourcing and production, the companies said in a joint press release. "The export of the engine from China is considered to be an option," the release further said. Mercedes-Benz aims for more than half of its passenger car sales to be comprised of plug-in hybrids or purely electric vehicles by 2030. Geely is ChinaÂ’s most internationally known automaker. It owns Volvo Cars and Lotus, almost half of Proton and 9.7% of Daimler. Through wholly owned company Polestar, it builds low-volume Polestar 1 hybrid performance cars in the western city of Chengdu and Polestar 2 volume sedans in Taizhou in the east. "The companies plan to develop a highly efficient modular engine," a spokesman for Daimler said, adding that it would be used in hybrid drivetrains and manufactured in Europe and China. The modular engine will be used in cars under different marques at Geely and Daimler, a person familiar with the matter said on condition of anonymity as the companies are still in the early stages of developing the engine. An Conghui, President of Geely Holding Group, President and CEO of Geely Auto Group said: “This project reflects the need for economies of scale and targeted research and development investment in clean and highly efficient powertrains and hybrid drive systems and their applications." Geely also plans to build a plant with annual manufacturing capacity of 30,000 premium EVs in the western city of Chongqing, run by a wholly owned, newly registered company, according to documents on its website. Geely and Polestar declined to comment. The plan comes as foreign automakers including BMW AG and Tesla expand EV production in the worldÂ’s biggest market, sourcing major EV components such as batteries locally and often even exporting a portion of the vehicles it builds.   Auto News Earnings/Financials Green Plants/Manufacturing Mercedes-Benz Volvo Green Automakers Future Vehicles Hybrid

Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.

Volvo's SuperTruck 2 looks ready to extend a ramp for K.I.T.T.

In 2009, the U.S. Department of Energy (DOE) entered a public-private partnership with willing Class 8 truck makers, the goal of the partnership to dramatically improve the freight efficiency of over-the-road (OTR) trucks. The term "freight efficiency" refers to freight-ton efficiency, a different metric than miles per gallon because it takes into account the weight of the truck; a lighter tractor-trailer can carry more weight before reaching the 80,000-pound legal maximum on most U.S. highways. Volvo, Daimler (which owns the Freightliner and Sterling brands), Navistar (International), and Peterbilt signed on the the partnership to develop what's being called a SuperTruck. Volvo, Daimler, and International make their own engines, Peterbilt teamed up with Cummins, and all four found their own trailer manufacturers to work with. Those four makers debuted their first iterations of what's being dubbed SuperTrucks about six years ago. This year has been all about SuperTruck 2, Volvo the last of the quartet to show what it's achieved. The goal for SuperTruck 1 was to achieve a 50% increase in freight efficiency compared to a 2009 baseline, the baseline in Volvo's case being a 2009 VNL 670 tractor. The goal for SuperTruck 2 was another 50% improvement. Volvo said its internal goal was a 120% betterment compared to 2009, and that it exceeded the mark with a 134% increase. The company said the huge gains came primarily from aerodynamics: A wedge-shaped front with a smaller frontal area thanks to a smaller cooling package; the heavily curved, wraparound windshield; the tractor's adjustable ride height; using camera for side mirrors; and adding a boat tail to the back of the trailer, plus enough fairings and skirts front-to-back to make the tractor and trailer look like a single unit when driving in a straight line. Volvo did make changes to its rolling lab that aren't likely to infiltrate the U.S. market anytime soon. It's common for U.S. OTR trucks to use a 6x4 configuration, with two axles behind the cab, both driven. Volvo's SuperTruck 2 went with a 4x2 setup common in Europe, using a single axle behind the cab, and fitted a composite driveshaft. Combined with making the chassis out of aluminum instead of steel, and trailer partner Wabash providing a lightweight aluminum van, the tractor-trailer combo weighed just 27,000 pounds.