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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

Junkyard Gem: 1965 Volvo Amazon Wagon with a heartfelt goodbye

Volvo did reasonably well selling the homely PV444/544 in the United States beginning in the middle 1950s, and its better-looking successor first appeared on our shores as a 1960 model. That was the Amazon, which was available here through 1968. Today's Junkyard Gem is one of those cars, found in a Northern California self-service yard recently. The Amazon name wasn't used on these cars in North America (they were given 122S badging here), but everybody uses the home-market name for these cars by this time. The engine is Volvo's reliable 1.8-liter pushrod straight-four, rated at 115 horsepower and 112 pound-feet. The transmission is a four-speed manual. I've found quite a few discarded Amazons during my junkyard travels, as these are rugged cars that have long inspired powerful affection from their owners. This one was so beloved that its final owner penned a farewell note to its flank before sending it on its final tow-truck ride to Pick-n-Pull. The car saved at least two lives, though it would have been nice to get more details here. The car that did it all! It was in rough shape by the time of its retirement, with the top-down rust you see on California cars that live near the Pacific and its salt spray. Junkyard shoppers had purchased most of the interior and trim components by the time I arrived. The replacement for the Amazon was the 140, which arrived in the United States as a 1968 model and later evolved into the 200 Series. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Turns you into a Swedish rally driver! This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvos are built so well that they last an average of 11 years in Sweden. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The best Amazon commercials are in Swedish, of course.

How does a massive Volvo truck compare to a Koenigsegg on a track?

Volvo Trucks thinks that its latest FH semi truck has a little sports car DNA mixed in with the ability to haul heavy loads thanks to its novel dual-clutch gearbox. And the company's marketing department certainly has an intriguing strategy to get the word out about the big rig's sporty traits. First, it staged a prank on an unsuspecting valet on the Italian Riviera, and now the FH has lined up a track battle around the Knutstorp racetrack against Sweden's ultimate supercar - a Koenigsegg One:1.
Fifth Gear host Tiff Needell takes the reins of the big Volvo and spends a little bit of time talking up its I-Shift Dual Clutch gearbox. However, the real fun is seeing the FH taking on the One:1. Of course, a head-to-head battle would hardly be fair against these extremely mismatched opponents. Instead, the challenge is for the 1,360-horsepower Koenigsegg to lap the track twice in the same time or less than the semi can do it once.
You just have to watch the video to see how if the big rig rises to the challenge. Also, scroll down to read Volvo Truck's press release touting the new gearbox, and check out the company's YouTube channel for more views of the race and a behind-the-scenes look.