2016 Volvo S60 T5 Drive-e Premier on 2040-cars

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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

Volvo recalls 460,000 cars worldwide for potentially deadly airbags

Volvo and the National Highway Traffic Safety Administration (NHTSA) have released an expanded recall for just shy of 260,000 of its S60 and S80 sedans. Including those 260,000 cars in the U.S., the recall worldwide numbers about 460,000. The recall affects 2001-2009 S60s and 2001-2006 S80s, which have airbag inflators that could have degraded and could blast shrapnel into occupants. If that sounds familiar, it's because the monumental Takata airbag recall was for the same basic reason. But these Volvo devices aren't Takata airbags. Instead, these airbags were manufactured by ZF, the company that builds all varieties of automotive components but is probably best-known among car enthusiasts for their transmissions. The inflators use a material that, when exposed to high levels of moisture, can start to break down and form dust-like particles. These can ignite rapidly, more so than the component was designed for, which can cause the component to break and release metal shrapnel. According to the Associated Press, this material is different than the ammonium nitrate used by Takata. According to the NHTSA documentation, there has been one incident reported concerning the airbags, in which a person died. Volvo will replace all affected airbags at no charge to the customer. The replacement airbag apparently uses a different type of propellant, so it likely won't need to be replaced again. Dealers have already been informed, and owner notices will be going out at the end of November. If you have an affected Volvo, you can call 1-800-458-1552, and the recall number for Volvo is R10125. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Volvo will replace C70... eventually

Volvo has already announced the end of production for its C70 hardtop convertible, a handsome but seriously dated offering that was last refreshed in 2010. Volvo won't be abandoning the two-door coupe-convertible market for long, though, as news out of Australia claims that a replacement, based on the striking Concept Coupe, will join the Chinese-owned, Swedish brand's ranks, although it's unclear precisely when we'll see it on the road.
"Eventually yes... as soon as possible," Hakan Samuelsson, Volvo's CEO, told the Drive, before adding, "when we are ready."
"The Coupe Concept car, we can put that into production and it will have an exposure on the brand. But at the end it's the cream on the cake and at the end you need the cake first before you put the cream on it," said Volvo's Senior Vice President of Product Strategy and Vehicle Line Management, Lex Kerssemakers.