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Volvo denies boss Jacoby is taking a run at Opel CEO post

It seems that every news report that involves the name "Opel" is eventually followed by a report that says, "Uh, never mind." Executives fill positions, then they're gone, or they're supposed to fill positions but duck out before doing so, five-year product offensives turn into grabbing for life preservers, and turnaround plans are followed by... new turnaround plans. With the recent departure of Opel CEO Karl-Friedrich Stracke, Swedish newspaper Dagens Industri reported that Volvo CEO Stefan Jacoby topped the list of candidates to sit in Opel's very hot seat.
Volvo spokesman Stefan Elfstrom has piped up to say "Mr. Jacoby is fully occupied with running Volvo and has no plan for leaving his present job." Stranger things have happened, though, and who knows what the truth is, but we have to admit we'd be surprised if Jacoby jumped off the Volvo express - recently given an $11-billion boost by parent company Geely - to take his chances in the Opel maelstrom.
So Opel's search for a CEO continues. At least we have the Adam to look forward to.

Volvo begins rolling out over-the-air software updates in the U.S.

Volvo announced that two of its models are now compatible with over-the-air software updates. The electric XC40 Recharge and three versions of the XC60 are eligible to receive a variety of wireless changes including driving range improvements and small bug fixes. The Swedish firm published details about its over-the-air software updating system shortly after going public. It's compatible with the new Android-based infotainment system found in many of its cars, including the C40 Recharge unveiled in 2021, and it works a lot like the similar technology that your smartphone features in the sense that the software updates itself; there's no need to stop by a dealer or plug in a USB drive. When an update is ready, a message appears on the dashboard-mounted touchscreen asking motorists if they want to download it. Owners of compatible cars in the United States received their first over-the-air software update last week. Labeled version 1.7, it notably added SiriusXM satellite radio compatibility. Volvo also noted that the XC40 Recharge received additional driving range during the update. Looking ahead, Volvo plans to wirelessly add new features and enhancements to the infotainment system. Only some 2021 and 2022 models can receive over-the-air updates. As of writing, the list of compatible cars is limited to the aforementioned XC40 Recharge, the XC60, the XC60 Recharge, and the XC60 Polestar Engineered. It's reasonable to assume that the feature will spread across the range in the coming years as new models are launched. Sister company Polestar also offers over-the-air updates on the 2. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Polestar gets $1.6 billion boost from Volvo, other big stakeholder

Polestar said on Thursday it had secured $1.6 billion in financing from its two main shareholders to help it deliver its growth plans amid volatile markets. Volvo, which co-founded the brand with China's Geely in 2017, said it would provide an $800 million loan to the firm. Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. Volvo, which owns just over 48% in Polestar, said its loan included options for Volvo to convert some of its loans to equity in a potential future equity raising by Polestar. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. The Sweden-based carmaker said the funding, alongside previously secured resources, would provide the company with sufficient funds through 2023. In June, Polestar was listed on the Nasdaq through a merger with a special purpose acquisition company (SPAC). Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars. However, carmakers and suppliers are struggling as costly investments in an electric future coincide with rampant inflation and soaring energy prices. Polestar's third quarter results are due on Nov. 11 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2024 Polestar 3 revealed