1979 Volvo 240 242 Dl Coupe Very Nice Condition Very Low Miles No Reserve on 2040-cars

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Polestar gets $1.6 billion boost from Volvo, other big stakeholder

Polestar said on Thursday it had secured $1.6 billion in financing from its two main shareholders to help it deliver its growth plans amid volatile markets. Volvo, which co-founded the brand with China's Geely in 2017, said it would provide an $800 million loan to the firm. Its other major shareholder, PSD Investment, will provide the same amount through "direct and indirect financial and liquidity support," Polestar said. Volvo, which owns just over 48% in Polestar, said its loan included options for Volvo to convert some of its loans to equity in a potential future equity raising by Polestar. "We welcome the continued support from our major shareholders at a time when the capital markets are volatile and unpredictable," Polestar CEO Thomas Ingenlath said in a statement. The Sweden-based carmaker said the funding, alongside previously secured resources, would provide the company with sufficient funds through 2023. In June, Polestar was listed on the Nasdaq through a merger with a special purpose acquisition company (SPAC). Volvo, like other major carmakers, has in recent years invested heavily in making its own electric vehicles and has also said it was committed to supporting Polestar. Volvo aims to sell only fully electric cars by 2030, while Polestar has a goal to launch three more cars by 2026. In February, Volvo formed a joint venture with battery manufacturer Northvolt to build a battery plant in Gothenburg which would produce battery cells specifically for electric Volvo and Polestar cars. However, carmakers and suppliers are struggling as costly investments in an electric future coincide with rampant inflation and soaring energy prices. Polestar's third quarter results are due on Nov. 11 Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2024 Polestar 3 revealed

Watch this video, then buy this 1993 Volvo wagon

Do you want to be perceived as rich and cuddly? Of course you do. Then you need to buy this car.
We know it makes no sense, but that pretty much sums up our take on the video you'll see below, in which a man by the name of Christoffer Castor, from Scania County in Southern Sweden, attempts to convince any and all who watch to buy his car. The car in question is a 1993 Volvo 240 wagon, in red with a black fabric interior.
We have quite a bit of respect for the old boxy Volvo wagons here at Autoblog, and, despite the presence of some unsightly rust on the tailgate, would gladly bum about in this particular 240. We especially appreciate the five-speed manual gearbox and that it's from the car's final year in production.

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.