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Volvo Cars hopes to raise $2.9 billion in its stock IPO

STOCKHOLM/LONDON — Geely-owned Volvo Cars plans to raise 25 billion Swedish crowns ($2.9 billion) through an initial public offering (IPO), the Swedish carmaker said on Monday of what would be one of Europe's biggest listings this year. Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder. In 2018, Volvo Cars and Geely, which also owns an 8.2% stake in Sweden's Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks. "Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitization," the Swedish company said in a statement. Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric models by 2030. Volvo said is targeting an operating margin of between 8% and 10% by 2025. It is also aiming for annual sales of 1.2 million cars, up 56% from the 770,000 it sold in the 12 months to June 20 this year. Electric push The carmaker said it expects 50% of sales to be fully electric cars by the middle of the decade and that 50% of sales will be made online rather than in dealerships. Volvo Cars said earlier on Monday that its sales in September fell 30% from a year earlier, dented by the global components shortage. Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion. Volvo Cars had previously said it was considering a Stockholm listing in the second half of 2021. A Volvo spokesperson on Monday said that the company had no comment on valuation or on how much of the business would be sold in the IPO. "There will be further information published in connection with the prospectus," she said. Electric-car maker Polestar, which is owned by Geely and Volvo, last week said it will go public by merging with a U.S.-listed special purpose acquisition company (SPAC) backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Volvo C40 Recharge charging

Volvo confirms unnamed US model reveal for NY show

Tucked into the press release for the "display debut" of the Volvo V60 Plug-In Hybrid at the New York Auto Show, Volvo snuck in a single line announcing that it will also be introducing a new model for the North American market. As much as we'd love to see the svelte V40 on American roads, we're pretty sure the automaker is looking to fill its US station wagon void with the V60.
The 2014 Volvo V60 is part of a comprehensive lineup update that was unveiled earlier this month in Geneva, and it would give Volvo dealers a conventional wagon (not including the XC70) for the first time since the V70 and V50 were killed off. We'll still be keeping our fingers crossed for the stylish V40 hatchback or the fuel-efficient V60 diesel hybrid, but we have to wait until next week to find out for sure.

Volvo Recharge models get more power and electric range

Volvo Belgium announced a few big improvements for plug-in hybrid models on the automaker's Scalable Product Architecture, meaning the 60 and 90 series Recharge models — S60, V60, XC60, S90, V90 and XC90. First, the battery's been given another layer of cells, upping capacity from 11.6 kWh to 18.8 kWh. At the moment, Volvo's UK site advertises two figures for all-electric range on the WLTP cycle for the XC60 and XC90, and says the S90 can already do 90 kilometers on a charge. The spec pages, however, say the XC60 can do 32 kilometers maximum, the XC90 able to go 30 kilometers. With the new battery, Volvo says all-electric range has improved to up to 90 kilometers (56 miles) on the WLTP cycle, but that will surely depend on model. Our U.S.-market XC90 PHEV is EPA-rated at 18 miles of battery-electric driving. A 62% increase would put that at about 30 miles. Just as good as the battery boost, the 87-horsepower e-motor that powers the rear axle on the Recharge trims is goosed to 145 hp. The T6 Recharge powertrain will make 350 combined horsepower, ten horses more than currently, and the T8 Recharge powertrain will make a combined 455 hp, a considerable 65 horses more than now. That makes the coming T8 the most powerful Volvo ever put into series production. The T8's 2.0-liter twin-charged engine has also been engineered for more efficiency as well as "higher engine power at low revs and at start-up," but Volvo hasn't offered specifics on that yet.  Finally, drivers will be able to control all that go with just the accelerator pedal, Volvo adding single pedal drive on the XC60 Recharge, S90 Recharge, and V90 Recharge. There's no word on when we might see them; introduction sometime during the 2022 model year seems sensible. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.