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Volvo Cars' earnings top pre-pandemic levels in boost ahead of possible IPO

STOCKHOLM — Volvo Cars reported a return to profit in the first half as demand for electric cars pushed earnings above pre-pandemic levels, putting the carmaker on a firmer footing as it considers a possible IPO this year. Sweden-based Volvo, owned by China's Geely Holding, said on Friday it made a first-half profit of 13.24 billion Swedish crowns ($1.52 billion), more than double its profit of 5.52 billion crowns in the corresponding period of 2019, before the coronavirus struck. Like several other automakers Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year's plunge during the pandemic helped first-half revenue rise by 26% to 141 billion crowns. "The pandemic effect, when it comes to our business, we don't see it anymore," Chief Executive Hakan Samuelsson told Reuters. "All our employees have not been vaccinated yet, but sales and production are really back to where we were." The company, which is eyeing an initial public offering before the end of this year, said all its regions showed solid growth and improved market shares, with chargeable cars representing 25% of total sales. Samuelsson said the evaluation process ahead of a potential IPO was progressing according to plan, adding the firm was still considering listing on the Stockholm stock exchange in the second half of 2021. "The company stands stronger than ever and we are in the midst of a very substantial transformation ... It has to be financed and access to the stock market is of course positive then," Samuelsson said. Volvo Cars had been heavily affected at the start of the pandemic, plunging to a 989 million loss in the first half of 2020. The company on Friday kept its second-half outlook for flat sales and revenue growth year on year, "unless supply of semiconductors improves". It said earlier this month that first-half sales rose 41% to 380,757 cars. The Gothenburg-based firm plans to become a fully electric car maker by 2030, sell 600,000 battery electric vehicles at mid-decade, and build a European battery gigafactory in 2026. ($1 = 8.6821 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard and Susan Fenton) Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvo introduces 2022 C40 Recharge crossover

Jaguar XF S Sportbrake vs. Volvo V90 R-Design: A sporty wagon comparison

We had both a XF Sportbrake S and a V90 T6 AWD R-Design come through the office recently, and since they're really close competitors – both fairly large wagons, both luxury vehicles, both have sporting pretenses, and both feature all-wheel-drive. And in the case of our test cars, they're equipped very similarly, but at divergent price points. Is the Jaguar worth the premium? Let's take a closer look. The Jaguar is only available in the top-level S trim, which brings many features, as well as all-wheel-drive and a 380-horsepower supercharged 3.0-liter V6. The final price listed for our Jaguar was a heady $84,815, up from a base price of $71,445. That's thanks to a bunch of options: the $360 black trim package, the $565 metallic paint, the $1,020 20-inch wheels, the $3,495 driver assistance package, $3,265 technology package, $1,805 comfort and convenience package, and $2,860 premium interior package. View 22 Photos The Volvo is available in a variety of configurations. In fact, you can have a V90 R-Design for as little as $50,945, but you'll be making do with the front-wheel-drive T5 model that has just a 250-horsepower turbocharged four-cyinder. To match the Jaguar's feature set and to nearly match its performance, you need to go with the T6 with all-wheel-drive. In addition to powering all four wheels, it also adds the 316-horsepower twin-charged four-cylinder. The engine and drivetrain add about $6,000 to the T5's price tag. The rest of our V90's price increase was made up by a lot of options, including a Convenience Package for $1,900 that came with heated washer nozzles, a surround view camera, grocery bag holder, HomeLink, a compass, and automatic parallel parking. Other options included the upholstered instrument panel and sun shade for $1,150, metallic paint for $595, heads-up display for $900, built-in child seat for $500, carbon fiber trim for $800, Bowers and Wilkens sound system for $3,200, heated steering wheel for $300, rear air suspension for $1,200, 20-inch wheels with summer tires for $300, and the destination charge. All told, it cost $68,290, which is close to the base price of the Jaguar, but a whole lot less than the Jag's as-tested price, making the Volvo a great value. Interior and Technology But value isn't the only reason to buy a car, especially a luxury car. You want it to feel luxurious.

2019 BMW X7 vs luxury SUV rivals: Comparing specs and photos

Today we get our first-ever look at the first-ever 2019 BMW X7 crossover. We've actually already had our first-ever drive in an X7 Prototype. And so, we thought it appropriate to follow that up today with the first-ever X7 comparison of specs between BMW's first-ever three-row crossover with legitimate room for seven and its many high-dollar competitors. On paper, the 2019 X7 definitely seems to most closely align with the Mercedes-Benz GLS-Class. Their similar dimensions, interior space, engine choices and price would certainly imply where BMW placed the target when developing X7. We used those same elements to determine three-row vehicles likely to be cross-shopped or that should be cross-shopped. These include the Audi Q7, Land Rover Discovery, Volvo XC90 and Lincoln Navigator. Yes, the latter is a truck-based SUV as opposed to a crossover, but tell that to all the people lining out the door at the local Lincoln emporium. They do not care, and neither shall we. We also included the 2019 BMW X5, which was completely redesigned for this year and therefore not the first-ever. That makes it less appealing? Either way, lining the new X5 up with the SUV that leapfrogs it atop BMW's SUV hierarchy should provide a good idea of just how much more you get by going up a model number. Engines and model lineup Again, the X7 aligns closest with the GLS, offering a base six-cylinder in its xDrive40i model and an upgrade turbo V8 in the xDrive50i. The Mercedes engines have greater output, but the GLS still accelerates slower than the BMW. As the 2019 X5 offers the exact same engines, we would also expect the X7's fuel economy to be superior to the GLS once its estimates are announced. It should be noted, though, that the GLS offers a high-powered AMG model whereas we anticipate the X7 to offer a plug-in hybrid model comparable to the X5 upcoming xDrive45e model. The other luxury SUVs diverge in their engine choices and model lineup. The Audi Q7 offers a base turbocharged four-cylinder, as does the Volvo XC90 in its T5 model, which we left out of the above chart entirely for space reasons. That the Q7 3.0 TFSI supercharged V6 gets the same fuel economy estimates as the four-cylinder is proof positive that engine is purely around for its lower base price.