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Volvo credits China, Europe for first-half profitability

If everything goes to plan, Volvo might be showing the first signs of a turnaround after several years coping with old products and a staid image. The Swedish brand is imminently launching its next-gen XC90 SUV on a completely revised, modular platform and using a cutting-edge family of engines, and it has even more products to take advantage of the fresh components on the drawing board. "We are excited about the launch of the all-new XC90, which marks the beginning of the re-launch of the Volvo brand," said CEO Håkan Samuelsson in the company's announcement. In the meantime, the business is moving back to profitability and is even forecasting growth through the rest of 2014.
In Volvo's recently released financial and sales results for the first six months of the year, volume was up 9.5 percent to 299,013 cars. On top of that, operating income reached 1.21 billion Swedish krona ($175 million) after posting a loss in the same period in 2013. Net income was also improved to 535 million Swedish krona ($77.4 million), which was also a reversal from a negative last year.
With these great results, Volvo is now forecasting 10 percent sales growth worldwide by the end of the year, and the key to it is a booming market in some regions. China, home to parent company Geely, was up 34.4 percent first half of the year. It's now Volvo's biggest market in the world and helped by exclusive models like the S60L (pictured above) and S80L. "We are growing our presence in China and we expect to sell at least 80,000 cars there this year," said Samuelsson in the company's forecast.

Cyan Racing Volvo P1800 First Drive: The Swedish answer to Singer Porsche

There’s a good chance youÂ’ve never heard of Cyan Racing unless youÂ’re a fan of World Touring Car Championship racing. Its previous name might ring a bell, however: Polestar Racing. Before the performance road car side of its business was sold to Volvo, and therefore long before that business was in turn spun off into an electric car brand, Polestar developed and campaigned racecars. Now known as Cyan Racing, it has had quite the run of success, too, as theyÂ’re the reigning champions in the WTCC series with five titles so far. Somehow, they found the time to create something entirely different: the Volvo P1800 Cyan. As the name implies, itÂ’s based on the P1800 coupe that was produced from 1961 through 1973. Readers of a certain age will associate that car with Roger Moore as The Saint, before he became James Bond. The P1800 has always been an anomaly in the Volvo lineage. Its classic shape came from the Frua/Ghia studio in Italy and even though it never had sports car credentials, the P1800 had a small but loyal following. So loyal that a P1800S holds a Guinness World Record for the 3.25 million miles driven by its original owner. Despite the P1800 CyanÂ’s undeniable similarity to the original Volvo coupe, itÂ’s an entirely different beast.  The only items that remain from the original 1964 donor vehicle are its steel chassis, hood release, handbrake, and windshield wipers. High-strength steel has replaced much of the substructure and the body has been reimagined in carbon fiber. Under the hood is a turbocharged 2.0-liter four-cylinder sourced from the Volvo S60 TC1 race car. It produces a surprising 420 horsepower and 336 pound-feet of torque at 6,000 rpm. Bolted to the block is a five-speed Holinger manual transmission that sends power to the rear wheels. The original P1800Â’s live axle is replaced by an independent rear with front and rear double-wishbone suspensions being fully adjustable. The 18-inch custom wheels are shod with Pirelli P Zero rubber: 235 widths up front and 265s in the rear. This all results in a featherlight 2,180-pound curb weight. LetÂ’s just say that again for effect: 2,180 lbs. ThatÂ’s lighter than a Miata, folks. At this point, the P1800 Cyan is already unreasonably cool, but wait, thereÂ’s so much more. Hans Baath, general manager for Cyan Racing proudly admits that Singer Vehicle Designs is a huge inspiration for this project, and if youÂ’ve ever seen a Singer Porsche in person, you probably have an idea of whatÂ’s next.

Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.