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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 opens order books for XC90 First Edition

The new Volvo XC90 breaks new ground in any number of ways. It's based on a new modular platform, packs new engines, introduces a new design language and incorporates a whole slew of new safety systems. Even in its sales approach, it takes Volvo into new territory.
In what Volvo calls an industry first, the first 1,927 examples of the new XC90 will be sold online. Those First Edition models, whose production numbers honor the year of the company's founding, will come fully equipped in T6 AWD guise with the twin-charged (but not hybrid) 316-horsepower engine, air suspension, Bowers & Wilkins audio system and 21-inch Inscription alloys, decked out in black with a tan Nappa leather interior, all for $65,900.
As you can see from the online store, ordering has officially begun. Get one while they're hot.

Volvo teases mysterious new small crossover

The image you see above is just about all we know of the new Volvo crossover that will be revealed at 8:30 pm Central European Time on May 17 (2:30 pm Eastern Standard Time). Volvo released three very short video teasers, all with the tagline "Leave The World Behind," all of which feature a member of the now-defunct band Swedish House Mafia - Axwell sits in a boat in the first, Sebastian Ingrosso walks toward cabin in the second and Steve Angello stares at the sea in a third.
A microsite, www.leavetheworldbehind.com, accompanies the teasers and it's been said that a short film by Lune will feature the band - Swedish Mafia had a hit in 2009 with the song Leave the World Behind. As for the vehicle, theories are that it could be something between the V40 Cross Country and XC60, the new XC90 or something else entirely. We don't have long to wait, and you can watch both teasers below.