2013 Volvo S60 T5 Sedan 4-door 2.5l on 2040-cars

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Volvo's $2.9 billion stock IPO is a key test in shift to EVs

Volvo Car AB is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the transition to electric vehicles. The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group Co., is offering shares at 53 kronor to 68 kronor each (about $6-$8), according to a statement Monday.  The deal values Volvo Cars at as much as $23 billion, 11 years after the Chinese firm bought the business from Ford Motor Co. for $1.8 billion. The IPO is set to be EuropeÂ’s largest since January, according to data compiled by Bloomberg. The carmaker, with an ambitious plan to only sell full electric cars by 2030, plans to use the funds to add carmaking capacity so it can nearly double annual sales to more than 1.2 million vehicles. Volvo Cars also plans to construct a battery plant in Europe. “We have a very clear strategy to be an electric company in 2030 and weÂ’ve been on that journey for some years now,” Volvo Cars CEO Hakan Samuelsson said in an interview. “With this, of course, we can secure that transformation, because of course, itÂ’s not free of charge.” VolvoÂ’s projected market capitalization of about $20 billion compares to roughly $65 billion for BMW AG, while the German premium carmaker produces more than 2 million vehicles versus Volvo CarsÂ’ 660,000 last year. Newer entrants to the industry such as ChinaÂ’s Nio Inc. and Tesla Inc. have seen their share prices surge past traditional manufacturers even as they sell only a fraction of the number of vehicles. The IPO also comes less than a month after electric-vehicle maker Polestar, controlled by Volvo Cars and Geely, said it will go public in New York via a blank-check merger. The deal implies an enterprise value of $20 billion for the startup, with Volvo Cars expecting to hold a 50% stake in Polestar after it lists. While the century-old Swedish industry stalwart and Polestar have similar valuations, 4-year-old Polestar has a target of delivering only about 29,000 cars this year. Geely previously attempted to take Volvo Cars public in 2018, but called off the listing after investors were said to balk at its valuation expectations of as much as $30 billion.  A group of pension funds and institutional investors have committed to buying 6.4 billion kronor worth of shares in the IPO. The offering of as much as 21% of Volvo Cars runs through Oct. 27, and the shares are set to start trading in Stockholm on Oct. 28. Goldman Sachs Group Inc.

2021 Ford Mustang Mach-E, Volvo XC40 Recharge score high in IIHS tests

New electric cars continue their streak of impressive crash test results. The two latest to go through Insurance Institute for Highway Safety testing are the 2021 Ford Mustang Mach-E and the 2021 Volvo XC40 Recharge. The former earned a Top Safety Pick award, and the latter picked up the Top Safety Pick+ commendation. Both vehicles got the top "Good" rating in every crash test, as well as the "Superior" rating for vehicle-to-vehicle collision prevention. They deviate when it comes to headlights and vehicle-to-pedestrian collision prevention. Because the Volvo has headlights rated "Good" on all trims, it got that extra "+" on its Top Safety Pick award. The Ford also has high-rated headlights available, but the standard units got the second lowest rating of "Marginal." As for the vehicle-to-pedestrian collision prevention, the Volvo received the second-highest "Advanced" rating, while the Ford was rated "Superior." Among the electric cars IIHS has tested, the Ford and Volvo continue a streak of high scores. The organization has evaluated the Audi E-Tron in both its body styles, as well as the Tesla Model 3, both of which get the Top Safety Pick+ rating. As a result of the XC40 Recharge's test score, Volvo pointed out that it is the only automaker whose entire lineup has received a Top Safety Pick+ rating. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.  

Volvo Cars reports theft of R&D data by hackers

STOCKHOLM — Volvo Cars said on Friday it had launched an investigation into a cyber security breach and the theft of some research and development data that could impact the company's operation. A spokesperson for the firm, majority owned by China's Geely Holding, said it had been approached by a third party, but declined to give any further details. "Investigations so far confirm that a limited amount of the company's R&D property has been stolen during the intrusion," the Swedish carmaker said in a statement. It added that "there may be an impact on the company's operation," without specifying what that might be. It said it did not see an impact on the security of its customers' cars or their personal data. The Gothenburg-based company said it had implemented security countermeasures to prevent further access to its property, while notifying relevant authorities. "Volvo Cars is conducting its own investigation and working with a third-party specialist to investigate the property theft," it said. Shares in Volvo Cars, whose IPO on Oct. 29 was the biggest in Europe this year, were down 3.2% at 1555 GMT.