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Verizon buys Telogis in connected vehicle market push

(Note/disclaimer: We are owned by Verizon, by way of AOL. This gives us no inside track whatsoever when it comes to news.) With a lot of tech companies and automakers staking their claims in the connected car space, now there are signs that others are looking to move in, too. Today, telecoms giant Verizon announced that it is acquiring Telogis, a California-based company that develops cloud-based solutions for mobile workforces, and specifically telematics, compliance and navigation software used by Ford, Volvo, GM and other car companies, as well as Apple and AT&T. Financial terms of the deal have not been disclosed, although we'll try to find out. Considering that Verizon in 2015 reported full-year revenues of $131.6 billion, the price would have to be very high to be considered "material" and may not be made public for some time, if ever. Telogis in its time as a startup raised a substantial amount of money, just over $126 million in all, including $93 million in 2013, supposedly ahead of an IPO, all from Kleiner Perkins Caufield & Byers. Back in 2013 when KPCB made its investment (which was the first from a VC firm in the company), Telogis told TechCrunch it was profitable and forecasting revenues of $100 million annually for the year. It's not clear what size those revenues are now, but if it was on the same growth trajectory as before the funding, sales would be around $150 million annually, with profitability, at the moment. Other investors include some very notable strategics: the investment arm of General Motors, and Fontinalis Partners, which also invests in Lyft and was co-founded by Bill Ford, the executive chairman of the Ford Motor Company. Before the acquisition, Verizon actually had a business in fleet management and telematics; in fact, the two companies competed against each other for business from the trucking and other industries. Verizon Telematics, as the business is called, is active in 40 countries. But in a way, Verizon buying Telogis is a sign that the latter may have proved to be the more superior, and the one with the key customer deals.

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

Watch this video, then buy this 1993 Volvo wagon

Do you want to be perceived as rich and cuddly? Of course you do. Then you need to buy this car.
We know it makes no sense, but that pretty much sums up our take on the video you'll see below, in which a man by the name of Christoffer Castor, from Scania County in Southern Sweden, attempts to convince any and all who watch to buy his car. The car in question is a 1993 Volvo 240 wagon, in red with a black fabric interior.
We have quite a bit of respect for the old boxy Volvo wagons here at Autoblog, and, despite the presence of some unsightly rust on the tailgate, would gladly bum about in this particular 240. We especially appreciate the five-speed manual gearbox and that it's from the car's final year in production.