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How the Chinese tycoon driving Volvo plans to tackle Tesla

HANGZHOU, China — "Do you know how big Volvo is?" asked Don Leclair, finance chief at Ford. It was 2008, and Leclair was responding to an offer from a little-known Chinese businessman to purchase the Swedish carmaker, which Ford owned. The businessman, Li Shufu, had a company with less than half Volvo's sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the "Glass House," Ford's iconic headquarters near Detroit, according to two people who were at the meeting. Ford's Leclair did not respond to requests for comment about the episode. Fast-forward to 2021 and Li Shufu's company, Zhejiang Geely Holding Group, is one of the biggest-selling automakers in the world's biggest auto market. It controls not only Volvo Cars but also a clutch of global auto brands, and a significant stake in German giant Daimler AG, the maker of Mercedes-Benz. These names are now part of its plans for a revolution in autos. Geely is preparing Volvo for a listing on the Nasdaq Stockholm exchange as a route towards the future of transportation: One where cars are part of an electrified network of mobility services, driving themselves, connecting to each other and — like cellphones — generating an array of data and new business opportunities. It's a vision more Silicon Valley than Detroit, where traditional automakers globally are chasing another giant — Tesla Inc. Li Shufu and his advisers eventually convinced Ford to part with Volvo in 2010 for $1.8 billion. It was the first in a string of deals, tapping brands such as Lotus, Smart and the London Electric Vehicle Company to form a network that he calls a "bigger circle of friends" across industry segments. Li Shufu sees them as building blocks to help Geely compete in a future where autos are not vehicles, but "service providers," he told Reuters in his management suite at Geely's headquarters in Hangzhou, eastern China. In that business model, cars will be available on subscription and offer services such as making payments and in-car apps. They will update their own software, and spawn opportunities in the same way as the mobile operating systems developed by Apple Inc and Google. "We are trying to create an automotive ecosystem similar to Android," he said. Li Shufu, 58, recently adopted a foreign first name - Eric - because he liked the sound of it.

Volvo reveals its first vehicle made of fossil-free steel

A few months ago, Volvo teamed up with Swedish steel producer SSAB to develop a type of steel it can use for its vehicles that doesn't use fossil fuels. Now, the automaker has revealed what it says is the world's first vehicle made of fossil-free steel: A four wheeled fully electric load carrier made for quarrying and mining. In addition to having no greenhouse gas emission, it's also autonomous and can follow a pre-programmed route to transport materials at a job site. SSAB produces fossil-free steel by replacing the coal used during the manufacturing process with hydrogen from electrolysis. As Forbes notes, though, the whole vehicle isn't exactly fossil-free, since the steel used for its components provided by third-party suppliers, such as its electric motor, were made using traditional means. Still, Volvo Group CTO Lars Stenqvist told the publication that "majority of the steel" in the vehicle is fossil free. He said three tons of the carrier's 8.2-ton weight is made of green steel from SSAB, and those eight tons include other heavy components like the vehicle's tires. Volvo plans to start a small-scale production for the vehicle next year and to scale up production, depending on the availability of steel from SSAB. The Swedish manufacturer is hoping to start mass-producing its fossil-free steel in 2026, so we may see more Volvo vehicles made using the material by that time. Martin Lundstedt, President and CEO Volvo Group, said in a statement: "This initiative with SSAB sets the benchmark for a fossil-free future. Just as the nations of the world come together at COP26 to address climate change, so too must organizations and industries work in collaboration to develop innovative new solutions for a greenhouse gas emission free future. Volvo Group is committed to pioneering partnerships such as this with SSAB to develop attractive, safe and efficient new vehicles and machines that pave the way for a more sustainable transport and infrastructure system adopted for the future." This article originally appeared on Engadget. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Volvo, Daimler, Traton join forces to build electric truck charging network

Volvo Group, Daimler Truck and Volkswagen's AG heavy-truck business the Traton Group announced on Monday a non-binding agreement to build a network of high-performance public charging stations for electric heavy-duty long-haul trucks and buses around Europe. The news was first reported by Reuters. The three major European automakers will invest ˆ500 million (~$593 million USD) to install and operate 1,700 charging points in strategic locations and close to highways. They intend to finalize the agreement by the end of this year and start operations next year, with the hopes of increasing the number of charge points significantly as the companies seek additional partners for the future joint venture. The venture is meant to be a catalyst to prepare for the European Union's goals of carbon-neutral freight transportation by 2050. One of the main deterrents for both individuals and freight companies for switching to EVs has historically been a lack of charging infrastructure. By building that infrastructure, Volvo, Daimler and Traton can also expect to boost their own sales of electric trucks and buses. “It is the joint aim of EuropeÂ’s truck manufacturers to achieve climate neutrality by 2050," Martin Daum, CEO Daimler Truck, said in a statement.  "However, it is vital that building up the right infrastructure goes hand in hand with putting CO2-neutral trucks on the road. Together with Volvo Group and the Traton Group, we are therefore very excited to take this pioneering step to establish a high-performance charging network across Europe.” The partnership between Volvo and Daimler isn't unprecedented. In May, the two competitors teamed up to produce hydrogen fuel cells for long-haul trucks to lower development costs and boost production volumes. This latest venture is another signal that major companies are banding together to solve climate-related issues in the industry. European car industry association ACEA has called for up to 50,000 high-performance charging points by 2030. Traton CEO Matthias Gruendler told Reuters that roughly 10 billion euros would be needed to build out Europe's infrastructure to be fully electrified by 2050. According to a statement released by Volvo, this venture is also a call to action for others with a stake in the industry, like automakers or governments, to work together to ensure the rapid expansion needed to reach climate goals.