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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.

Volvo: Tesla's Autopilot is just a 'wannabe'

Using the words "unsupervised wannabe" in an interview with The Verge, Volvo's Trent Victor says the Tesla Autopilot is "giving the impression it's doing more than it is." According to Victor, Tesla's self-driving tech is merely appearing to be autonomous because, with the Tesla system, the driver has to be fully alert all the time, ready to regain control. Tesla says its system is Level 2 autonomous, although some experts regard it as Level 3, which means it takes over safety-critical functions from the driver. Volvo says it pays more attention to actual crash avoidance, and that its Drive Me system is Level 4 autonomous, meaning that in the event of a hazardous situation the vehicle will handle the appropriate procedures and bring itself to a halt in a safe fashion. There will be no need for the driver to take action, which is important in case the driver has been incapacitated while the Drive Me autopilot has been controlling the car. Another thing with the Volvo setup is that it monitors the road in case of a conflict situation, or someone suddenly appearing in front of the car, be it a pedestrian or a runaway child. Tesla has never said that its Autopilot is anything other than a beta version under trial usage. It costs $2,500 when you purchase your Model 2 or X, or $3,000 as a add-on once you've taken delivery. The company also just announced that it would offer Autopilot for free as part of a one-month trial. Tesla declined to comment on Volvo's comment. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: The VergeImage Credit: AOL Green Tesla Volvo Technology Autonomous Vehicles Electric Future Vehicles Tesla Autopilot volvo drive me

Geely's new EV plant in China will build premium Polestar cars

BEIJING/SHANGHAI — An electric vehicle factory planned by China's Geely will produce cars under the premium Polestar marque, two people with direct knowledge of the matter told Reuters on Monday. Zhejiang Geely Holding Group plans to build a plant with annual manufacturing capacity of 30,000 premium EVs in the western city of Chongqing, run by a wholly owned, newly registered company, according to documents on its website. Geely and Polestar declined to comment. The plan comes as foreign automakers including BMW AG and Tesla expand EV production in the worldÂ’s biggest market, sourcing major EV components such as batteries locally and often even exporting a portion of the vehicles it builds. Hangzhou-based Geely is ChinaÂ’s most internationally known automaker. It owns Volvo Cars and Lotus, almost half of Proton and 9.7% of Daimler AG. Through wholly owned company Polestar, it builds low-volume Polestar 1 hybrid performance cars in the western city of Chengdu and Polestar 2 volume sedans in Taizhou in the east. It also plans to begin production of the Precept sedan, displayed at this yearÂ’s China auto show. Polestar aims to eventually offer bigger, more sporty vehicles at its showrooms, which currently span nine countries and whose number it plans to raise to 45 from 23 by year-end. Polestar Chief Executive Thomas Ingenlath told Reuters the firm is scouting markets in Asia-Pacific and the Middle East. Geely is also building a factory in China to make sport-utility vehicles under the Lotus marque, Reuters reported.