2007 Volvo Xc90 3.2 Sport Utility 4-door 3.2l *clean* on 2040-cars

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Volvo's $2.9 billion stock IPO is a key test in shift to EVs

Volvo Car AB is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the transition to electric vehicles. The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group Co., is offering shares at 53 kronor to 68 kronor each (about $6-$8), according to a statement Monday.  The deal values Volvo Cars at as much as $23 billion, 11 years after the Chinese firm bought the business from Ford Motor Co. for $1.8 billion. The IPO is set to be EuropeÂ’s largest since January, according to data compiled by Bloomberg. The carmaker, with an ambitious plan to only sell full electric cars by 2030, plans to use the funds to add carmaking capacity so it can nearly double annual sales to more than 1.2 million vehicles. Volvo Cars also plans to construct a battery plant in Europe. “We have a very clear strategy to be an electric company in 2030 and weÂ’ve been on that journey for some years now,” Volvo Cars CEO Hakan Samuelsson said in an interview. “With this, of course, we can secure that transformation, because of course, itÂ’s not free of charge.” VolvoÂ’s projected market capitalization of about $20 billion compares to roughly $65 billion for BMW AG, while the German premium carmaker produces more than 2 million vehicles versus Volvo CarsÂ’ 660,000 last year. Newer entrants to the industry such as ChinaÂ’s Nio Inc. and Tesla Inc. have seen their share prices surge past traditional manufacturers even as they sell only a fraction of the number of vehicles. The IPO also comes less than a month after electric-vehicle maker Polestar, controlled by Volvo Cars and Geely, said it will go public in New York via a blank-check merger. The deal implies an enterprise value of $20 billion for the startup, with Volvo Cars expecting to hold a 50% stake in Polestar after it lists. While the century-old Swedish industry stalwart and Polestar have similar valuations, 4-year-old Polestar has a target of delivering only about 29,000 cars this year. Geely previously attempted to take Volvo Cars public in 2018, but called off the listing after investors were said to balk at its valuation expectations of as much as $30 billion.  A group of pension funds and institutional investors have committed to buying 6.4 billion kronor worth of shares in the IPO. The offering of as much as 21% of Volvo Cars runs through Oct. 27, and the shares are set to start trading in Stockholm on Oct. 28. Goldman Sachs Group Inc.

Automakers suspend some business in Russia following invasion

These Russian GAZ Tigr infantry mobility vehicles were destroyed by Ukrainian fighters in Kharkiv on Monday. (Getty Images)   Global auto and truck makers, including Sweden's Volvo Cars and Germany's Daimler Truck, on Monday suspended some business in Russia following that country's invasion of Ukraine. Russian forces invaded Ukraine last week, marking the biggest attack by one state against another in Europe since World War II. Many firms have idled operations in Russia following Western sanctions against Russia. Energy giant BP Plc, Russia's biggest foreign investor, abruptly announced over the weekend it was abandoning its 20% stake in state-controlled Rosneft at a cost of up to $25 billion. On Monday, Swedish automaker Volvo Cars said it would suspend car shipments to the Russian market until further notice, becoming the first international automaker to do so as sanctions over the invasion continue to bite. In a statement, the company said it had made the decision because of "potential risks associated with trading material with Russia, including the sanctions imposed by the EU and US." "Volvo Cars will not deliver any cars to the Russian market until further notice," it said. A Volvo spokesman said the carmaker exports vehicles to Russia from plants in Sweden, China and the United States. This came as Russia warned Sweden and Finland not to join NATO or risk facing “serious military-political consequences." Volvo sold around 9,000 cars in Russia in 2021, based on industry data. Earlier on Monday, RIA news agency reported Volkswagen had temporarily suspended deliveries of cars already in Russia to local dealerships, citing a company statement. VW had no immediate comment when contacted by Reuters. VW previously said it would halt production for a few days this week at two German factories after a delay in getting parts made in Ukraine. Daimler Truck said on Monday it would freeze its business activities in Russia with immediate effect, including its cooperation with Russian truck maker Kamaz. Mercedes-Benz Group is also looking into legal options to divest its 15% stake in Kamaz as quickly as possible, the Handelsblatt newspaper reported. A Mercedes spokesperson told Reuters business activities would have to be re-evaluated in light of the current events. Mercedes-Benz Group, formerly Daimler AG, was the parent company of Daimler Truck before the truck maker was spun off.

Volvo XC40 gets the merest hint of a mid-cycle update

Scandinavian design is known for its subtlety and minimalism, but even by Nordic standards the Volvo XC40 lineup has received the tiniest wisp of change. Volvo Germany uploaded the new crossover a little early by the looks of it. In front, a slightly reshaped bumper frames Volvo's new Pixel headlights and some T-shaped fog light housings. The grille remains on the mild hybrid and plug-in hybrid XC40 models, but the XC40 Recharge gets the same solid faceplate as on the C40 Recharge. We can't see a difference anywhere else outside save for the wheels; the updated XC40 Recharge sits on the 20-inch aero wheels that debuted on the C40 Recharge, while the hybrid models get a selection of new wheel designs. Looks like Volvo's reworked exterior pacakges, dropping Inscription and R-Design (at least in the UK and French markets that still show the non-facelifted car) for Essential, Core, Plus, and Ultimate packages, the number of choices depending on the model. After that, Bright and Dark trim molding treatments add flair or shadow to the exterior. The battery-electric XC40 Recharge in the U.S. presents the choice of Plus and Ultimate.   The Sage Green and Fjord Blue hues from the C40 make their way to the XC40 Recharge paint palette as well. Inside, tailored wool joins the Microtech and leather dressing options, and high-zoot configuring can get the Orrefors gear selector. The Android-based operating system has been ported to the nine-inch infotainment screen, too.  Since Volvo hasn't finished rolling out this vehicle in Europe, it's likely we're not going to see it until sometime next year, perhaps as a 2023 model. We expect it will be joined by the refreshed XC60 with the larger battery and extended all-electric driving range. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.