2005 Volvo Xc70, Fully Loaded, Stunning, Well Maintained, No Reserve Auction!. on 2040-cars

Auto blog

Volvo Cars plans $20 billion stock IPO this month, sources say

STOCKHOLM — China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was penciled in for the end of September. Goldman Sachs and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available. Geely, which bought Volvo from Ford more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Traditional carmakers have fallen out of favor in recent years, as Tesla has risen to be one of the world's most valuable companies, putting the focus on electric vehicles. Many European firms have pivoted toward the electric sector, including Volvo, which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar. Valuation Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion. A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook. A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler and BMW. Tesla's valuation is more than 70 times that. NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion. "The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said. For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

Daimler and Volvo plan hydrogen fuel cell truck production in 2025

LONDON — Daimler's truck unit and Volvo said on Thursday they would start making hydrogen fuel cells in Europe in 2025 via a joint venture, and called for EU policies to help make the zero-emission technology commercially viable. The rival German and Swedish makers of large freight-hauling trucks formed their venture, Cellcentric, in March. They said they would provide more details on large-scale fuel production in 2022, but said Cellcentric was already scaling up prototype output. "Partnerships like Cellcentric are vital to our commitment to decarbonizing road transport," Volvo Chief Executive Martin Lundstedt said in a statement. Aside from the fuel-cell joint venture, the two companies remain competitors. Both hope to test fuel-cell trucks in about three years and start mass producing trucks in the second half of this decade. The European Union has been pushing tighter emission standards, fueling a boom in zero-emission electric cars. But batteries in electric vehicles are very heavy, and hydrogen fuel cells are seen as a potentially more viable zero-emission power systems for long-haul freight in the future. Fuel cells produce electricity from hydrogen, emitting only water. The two truck makers called for the construction of around 300 hydrogen refueling stations suitable for heavy-duty vehicles in Europe by 2025 and about 1,000 stations by 2030. During a video conference with the two firms, European Commissioner for Transport Adina Valean said the commission would this summer propose a revised alternative fuels directive. She said this "will include binding requirements for rolling out hydrogen fueling infrastructure ... and financial support will be available where needed." Automaker Stellantis said this year it would begin deliveries in Europe of its first medium-sized vans powered by hydrogen fuel cells by the end of 2021. Stellantis said at the time that Germany had 90 hydrogen stations and France had 25 — a tiny fraction of the thousands of petrol stations available for fossil-fuel vehicles today. As zero-emission trucks are significantly more expensive than fossil-fuel models, Daimler and Volvo said a "policy framework is needed to ensure demand and affordability." The two companies said policies should include subsidies for "CO2-neutral technologies and a taxation system based on carbon and energy content." Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Volvo XC90 prototype spied for the first time ever

Despite its advanced age, the Volvo XC90 remains a highly competent luxury SUV. The design has aged nicely, and it's clear from the Insurance Institute of Highway Safety naming the big Volvo a Top Safety Pick + that the safety-minded Swedes behind it knew what they were doing. Still, even the finest cars need replacing, especially after nearly 12 years on sale.
Here we have the first spy shots of the next-generation XC90, under development somewhere cold (at this rate, it could be anywhere from Arvidsjaur to Atlanta). Now, as our spy photogs point out, this is the real deal, judging by all that camo over the vehicle. There's a production body under there, rather than this being a mule with the old vehicle's skin on top of it.
It's difficult to make out much because of all the camo, although there are some similarities to both the Concept XC Coupe from the Detroit Auto Show and a batch of teaser images we showed you earlier this year. We can see the greenhouse retains a shape similar to the current XC90, although the beltline climbs rather aggressively once past the C pillar, much like it does on the Concept XC Coupe. In back, Volvo has eschewed tall, vertical lights in favor of more conventional units, which we expect to be similar to what we saw in the teaser images. We'd bargain that there will be a traditional rectangular grille, like what you can see on the concept. The headlights, meanwhile, should wear T-shaped LED elements, like the teaser images.