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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

2021 Volvo XC60 Review | Swedish design; no assembly required

The 2021 Volvo XC60 may not be the first car to spring to mind when considering European luxury crossovers, but despite lacking the cachet of tier-one manufacturers, it is a solid, safety-first offering with attractive styling and excellent interior design, rising above the mainstream market and rivaling some of the continent’s best. The XC60Â’s cabin is uniquely Swedish: clean, modern and at its tastefully adorned best when done up in earth tones and natural wood trim. You won't confuse it for something from Germany or Japan. Its seats are among the most comfortable and supportive of any luxury car under $100,000, and its Sensus infotainment system is capable and flexible. No Volvo is perfect. Wheel size upgrades tend to disproportionately impact ride comfort, and Sensus can be slow to boot up and respond to inputs. Its powertrains are also lacking in refinement, with even the 400-horsepower plug-in hybrid model (Formerly the T8; now dubbed “Recharge”) lacks polish despite its robust performance. But the XC60 is nonetheless impressive, and thanks to its diverse array of powertrain options and versatile tech suite, this luxury crossover offers something for everybody. WhatÂ’s new for 2021? For 2021, the XC60 is largely carry-over. Models with the T8 powertrain are now referred to as “Recharge,” which is VolvoÂ’s new universal name for its plug-in hybrids. Keyless entry is now standard, along with illuminated door handles. WhatÂ’s the interior and in-car technology like? VolvoÂ’s attractive and refined shape is mirrored in its stylish, welcoming interiors. With premium materials and beautiful design from top to bottom, itÂ’s difficult to find anything negative to say about the XC60Â’s interior. Open-pore wood and real metal are both available depending on trim, and Recharge Inscription models even get an Orrefors crystal gear selector. VolvoÂ’s Sensus infotainment suite is compatible with both Android Auto and Apple CarPlay, and also offers robust integration with phones via Bluetooth, including speech-to-text, allowing it to read and compose text messages without outside assistance. Sensus lacks polish in some areas, offering slow boot-up times and menus that can be difficult to navigate on the road. Still, several of our editors appreciate its touchscreen layout and find it less overwhelming than admittedly quicker and flashier systems like Mercedes' MBUX and BMW's iDrive.

Daimler and Volvo could jointly develop internal combustion engines

BERLIN — Luxury German carmaker Daimler and Volvo, owned by China's Geely, are considering cooperating to cut the costs of developing combustion engines, a magazine reported on Sunday, citing unnamed company sources. The Automobilwoche weekly cited a Volvo manager as saying there were initial talks with Daimler, but no concrete plans, while a company spokesman said it was too early to talk about firm projects, although it was not excluding anybody. A Daimler spokesman said the company's cooperation with Geely, which owns a 10% stake in the German carmaker, was developing in a positive way, but declined to comment further. Global tariffs, accelerated by a trade war between China and the United States, as well as higher investment requirements for electric and autonomous vehicles, are forcing carmakers to seek new ways to cut and share costs. In October, Volvo said it would merge its engine development and manufacturing assets with those of Geely, creating a division to supply in-house brands and also potentially others with next-generation combustion and hybrid engines. Automobilwoche said this new division would start operating by the end of March, which could be a possible starting point for cooperation with Daimler, while a further step could be a partnership to develop electric power trains. Geely and Daimler have said they plan to build the next generation of Smart electric cars in China through a joint venture and the two companies are also cooperating on a premium ride-hailing service in China. Geely bought Volvo Cars in 2010 from Ford, allowing the Swedish brand to operate on an arms-length basis. But in recent years, it has deepened cooperation between the two brands. Volvo already supplies engines to some Geely-branded vehicles, sharing technology through Geely's Lynk brand. Both companies share and develop common vehicle platforms. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.