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Junkyard Gem: 1994 Volvo 850 Turbo Wagon

Volvo began selling brick-shaped rear-wheel-drive station wagons in the United States with the 145 in the 1968 model year, continuing the tradition with the 200, 700 and 900 series wagons and all the way through the very last 1998 V90s. The benefits of front-wheel-drive proved impossible for those Goteborgers to resist, though, and so the 850 was developed. The 850 sedan first appeared in the United States as a 1993 model, with the wagon version following in 1994. Today's Junkyard Gem is one of those first-year 850 wagons, found in a Colorado Springs self-service yard recently. The 850 wasn't the first production Volvo with front-wheel-drive (the 1986 Volvo 480 beat it to European showrooms), but it was the first one available on our continent. The base 1994 Volvo 850 wagon for the U.S. market had a 2.4-liter DOHC straight-five rated at 168 horsepower and 162 pound-feet, but this car has the turbocharged version with its 222 horses and 221 pound-feet. American buyers of the 1994 Volvo 850 had the choice of a five-speed manual or a four-speed automatic. Most took the automatic. This car is a loaded model with power sunroof and other goodies in addition to the slushbox, so its MSRP was $30,985 (about $66,194 in 2024 dollars). This was a bit less than a similarly equipped 960 wagon (which listed at $34,950, or $74,665 after inflation). The antiquated but reliable 240 wagon had been discontinued the year before, with the 740 wagon getting the axe the year before that). This car just made it past the 200,000-mile mark during its career on the road. That's respectable, though I've found discarded Volvos that made it beyond 400,000 miles (and one that got to 631,999). The interior looked pretty good before someone smashed all the windows. Perhaps vandalism sent a running car to this place. Someone was kind enough to write down the security code on the factory radio. Drive safely. For those of you who hate to commute but adore driving.

Irv Gordon's Volvo P1800 has reached 3 million miles

While we were seated at our desks like good worker bees yesterday, Irv Gordon was continuing his assault on the record books. Gordon, if you recall, is the original owner of a red 1966 Volvo P1800 (owner and car shown above), and yesterday, Volvo says the coupe's odometer clocked its three-millionth mile. The miracle mile occurred on the Seward Highway in Alaska, one of only two states that Gordon had never visited.
It took the New York native more than 20 years to hit his first million miles in 1987 and another 15 years to achieve two million miles in 2002, but a road trip to Alaska will further cement his place in the record books as the car surpasses three million miles. Gordon has almost doubled the 1.69-million mile distance that helped him win a Guinness Book of World Records title for the most miles logged on an originally owned car, and this new momentous distance proves the durability of both man and machine. For more information on Gordon's feat, scroll down for a Volvo press release or check out a website set up to celebrate his latest milestone.

Volvo to stop funding Polestar, sees stock rise dramatically

STOCKHOLM — Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo's top shareholder China's Geely Holding. The announcement sent the Swedish automaker's stock up more than 30% at market open. The heavy involvement by Swedish-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticised by analysts who see the stake as a drag on Volvo's resources. Like other new EV brands and startups, Polestar has struggled to make headway, particularly since Tesla started a price war last year. The automaker said earlier this month that it had missed its already-reduced delivery targets for 2023. Polestar's shares are down just over 83% since it went public in June 2022 via a merger with a special purpose acquisition company, or SPAC. Volvo Cars said it has considered handing Polestar shares over to Volvo's shareholders, which would make Geely a big direct owner in the brand. Shares in Volvo were up 20% at 0814 GMT, after they soared 32% at market open. Geely in a separate statement welcomed Volvo's decision to focus its resources on its own development. "Geely Holding will continue to provide full operational and financial support to the independent exclusive (Polestar) brand going forward," the Chinese group said. "This support will not require a reduction of Geely Holding shareholding in Volvo Cars," it added. However, the broker Bernstein said it saw a distinct possibility that the Geely ecosystem could sell down its shares in Volvo. Polestar last week said it planned to cut around 450 jobs globally, or about 15% of its workforce, amid "challenging market conditions". It also said in November that it would try to reduce its reliance on external help, publishing a revised business plan, which included getting additional loans from Volvo and Geely. The news could raise questions about the viability of Polestar, which aims to become cash flow break-even in 2025. Some analysts have said it could make more sense to fold Polestar company into Geely. Volvo Cars meanwhile reported a bigger than expected rise in fourth-quarter operating earnings on Thursday, with operating income excluding joint ventures and associates rising to 6.7 billion Swedish crowns ($643.83 million) from a year-earlier 3.9 billion. Analysts polled by LSEG had expected adjusted earnings before tax and interest (EBIT) of 6.5 billion.