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Volvo Car partners with Northvolt to develop and produce batteries

STOCKHOLM — Volvo Car Group, owned by China's Geely Holding, announced plans on Monday for a joint venture with Swedish battery maker Northvolt to develop sustainable batteries for its electric cars and set up a factory for production. The companies aim to set up a research and development center in Sweden to begin operations in 2022 and start a factory in Europe with a potential capacity to produce up to 50 gigawatt hours (GWh) per year in 2026. "Working closely with Northvolt will also allow us to strengthen our in-house development capabilities," said Hakan Samuelsson, chief executive at Volvo Car Group. Northvolt will become Volvo Cars' exclusive battery cell production partner in Europe. The factory will be powered by clean energy and is expected to employ around 3,000 people. The location of the plant has yet to be decided. Northvolt raised $2.75 billion in equity this month to expand capacity at the factory it is building in northern Sweden, and Volvo plans to source battery cells from that battery plant starting in 2024. German carmaker Volkswagen is Northvolt's biggest shareholder, and the battery maker has also got contracts worth billions from the likes of BMW and Scania. Battery makers are scrambling to keep up with demand as carmakers switch to electric in order to reduce planet-warming carbon emissions. Volvo Cars aims to sell 50% pure electric cars by the middle of this decade, and by 2030 it aims to sell only fully electric cars. Electric successor to Volvo's XC60 model will be the first car to feature battery cells developed through the joint venture.

Volvo Recharge plug-in hybrids get big range and power bumps

Volvo's plug-in hybrid powertrain is getting a significant upgrade for 2023, resulting in all its 90- and 60-series Recharge models effectively doubling their electric range and becoming eligible for the full $7,500 federal tax credit.  A new rear electric motor now delivers 143 horsepower from 87 hp, resulting in a combined output of 455 hp and 523 pound-feet of torque. That's a significant bump from the previous 400 hp and 472 lb-ft. These changes apply to the Recharge versions of the XC90, S90, XC60 and S60, plus the Polestar Engineered trim levels of XC60 and V60.  Below are the new electric ranges for each of the Volvo Recharge models. Their previous ranges are in parentheses. S60 Recharge: 41 miles (22) V60 Polestar Engineered: 41 miles (22) XC60: 35 miles (19) XC60 Polestar Engineered: 35 miles (19) S90 Recharge: 38 miles (21) XC90 Recharge: 35 miles (18) These range increases are the result of a new long-range battery pack featuring a third layer of cells. This brings total capacity from 11.6 kWh to 18.8 kWh.  There are other advantages, as well. The XC60 and S90 Recharges will now be capable of one-pedal driving, whereby regenerative braking is so strongly applied that the car effectively does most of the braking for you. This is already available on Volvo's fully electric models, and although it will initially be available only on the XC60 and S90, Volvo told Autoblog that the others will eventually get it. When exactly? Volvo did not elaborate.   Volvo says the increased battery capacity will improve performance in extreme cold and heat. It will also allow for pre-heating and pre-cooling the car, even when unplugged, without reducing all-electric range.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2020 Volvo S60 T8 driver assist systems

Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.