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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

Embrace one-pedal driving in EVs and PHEVs

I just came back from a trip out to California, where I was able to drive the new 2022 Volvo XC60 Recharge in its new extended-range form (you’ll find that review on Autoblog tomorrow). One of the newly-added headline features for this plug-in hybrid SUV is true one-pedal driving. This is one-pedal driving in a PHEV, not a full battery electric vehicle, and as of now, one-pedal driving in PHEVs is exceedingly rare. Other plug-ins may offer levels of braking regeneration, but one-pedal driving is typically a feature reserved for full EVs. Adding the feature to the Volvo is a huge boost to the driving experience for me, and I sincerely hope we see it in even more PHEVs soon. In case youÂ’re new to the one-pedal driving game, hereÂ’s a quick explainer. ItÂ’s called “one-pedal” because most of the time, youÂ’re only using one pedal to accelerate and decelerate. Press in to accelerate; let off evenly and gently to decelerate via regenerative braking. The trick at the end is in slowing down the final few mph and bringing the car to a stop smoothly, which typically requires some practice and time spent figuring out how best to modulate the throttle pedal. Once youÂ’re stopped in a car with one-pedal driving, it should hold itself in place when you have your foot off the throttle, allowing you to relax your legs at lights. Applying pressure to the brake pedal would be unnecessary so long as traffic doesnÂ’t necessitate quicker deceleration than what the car is capable of via letting off on the throttle. The point, of all of the above, is that one-pedal driving in an EV or PHEV simply makes driving easier. Once you learn the car, not having to swap back and forth between the throttle and brake pedals makes stop-and-go traffic (or any kind of driving) a lot more relaxing to manage. The point of this story is to call out the lack of this feature in some EVs and nearly all PHEVs. Some of you may have already hit the comments to voice your disdain for one-pedal driving, but do note, while IÂ’m advocating for the feature to be present in all EVs, IÂ’m not advocating for it to be a required always-on feature. In fact, you should be able to turn it off and on at your whimsy. Many car manufacturers already offer one-pedal driving in their EVs, but companies like VW, Audi, Porsche and to a certain extent, Mercedes, do not. This is slightly irritating, mostly because those companies make some of the most desirable EVs on the market today.

Volvo XC90 R-Design adds a dash of sport

The 2015 Volvo XC90 is a huge leap forward for the Swedish automaker as its first all-new model since leaving Ford ownership. There's a lot riding on the crossover's success, too, because its platform is supposed to underpin Volvo vehicles for years to come. The latest move for the new CUV is adding a little aggressiveness to the look with the R-Design trim for buyers desiring a sportier-looking Swede.
The R-Design joins the already announced Momentum and Inscription trims. Mechanically it doesn't change anything, but ticking the box for the R-Design adds a slightly different grille with horizontal slats, a redesigned lower air dam, new window trim, matte silver side-mirror covers and rectangular exhaust nestled in an altered lower rear bumper. The sportier XC90 comes standard with 20-inch wheels, but a 22-inch design is optional, as well.
The meaner look is carried inside with sport seats covered in Nubuck and Nappa leather, a perforated leather steering wheel and R-Design trim for the gearshift, pedals, floor mats and illuminated tread plates. The touchscreen infotainment system also gets an R-Design theme.