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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

How Volvo is going greener, according to sustainability chief Henrik Green

STOCKHOLM — This week, Volvo unveiled its new flagship electric vehicle, the EX90 three-row SUV. ItÂ’s not just a look at a product weÂ’ll see come to market in 2024, but a glimpse at the approach Volvo is taking to become more sustainable as it aims to go all-electric by 2030 and carbon-neutral by 2040. After the unveiling of the EX90, we had the opportunity to speak with Henrik Green, VolvoÂ’s advanced technology and sustainability officer, as part of a roundtable discussion about the brandÂ’s climate strategy moving forward. Part of the strategy is accountability and transparency. In an industry where sensitive materials like cobalt and lithium can be environmentally, socially and geopolitically problematic, traceability is paramount. Volvo will use blockchain technology — the same sort of secure ledger tech that makes cryptocurrency possible — to trace cobalt, lithium and nickel from their very origins in the earth all the way to the EX90s that roll off the factory floor. Green said he expects that traceability to expand to more materials, but those three are what Volvo can commit to today. Green also predicts a time when “you as a consumer should be able to see, ‘Here, in my app, this is the car I bought, this is where my nickel came from thatÂ’s in my car.’” While step one is improving transparency, “the next step is — this is much more long-term — how can we affect the industry to source from the most sustainable sources as possible?” And that leads us to recycling. A circular economy is the goal, where raw materials are used minimally, replaced by materials sourced from old cars, batteries, electronics and the like. But that depends on the first generations of electric cars fulfilling their lifecycles before they can be recycled. And obviously the better the longevity of products like batteries, the longer this will take. “Unfortunately, it has this built-in time lag of putting batteries out there that live until they need to be replaced, and then we will get the material back.” Partners are beginning to scout for those recyclable materials from sources like non-automotive electronics, “but the massive volume of car batteries will not be accessible until these cars have been on the road 10, 15 or more years.” But recyclability is one of the main factors Volvo looks for when partnering with companies like Northvolt, with whom Volvo is building a factory and R&D center in Gothenburg, Sweden.

Recharge Wrap-up: video touts Volvo electric buses, Nissan and BMW build EV chargers in S. Africa

Volvo is touting the advantages of electric buses in a new video. The short film, called Route 55, promotes the ElectriCity Project for public transport, and, more specifically, the new electric bus route in Gothenburg, Sweden. The new route debuts June 15 using Volvo electric and hybrid buses. In the video, two teenagers are seen waiting for the bus. As one boards, the other asks her out from the sidewalk, but she can't hear him over the noise of the diesel bus, which then closes its doors and drives away. The film asks, "What if this bus had been silent?" See the video above, and read more in the press release below. BMW and Nissan will build an EV charging network across South Africa. Through 2017, the two automakers will build fast-charging and AC stations around the country in order to encourage the adoption of EVs. Nissan has been selling the Leaf in South Africa since 2013, and BMW introduced the i3 and i8 in March. "In order for the introduction and expansion of electric vehicles as well as plug-in hybrid electric vehicles to be successful in this market, we need to work together," says BMW South Africa Managing Director Tim Abbott. Read more at Automotive News Europe. The Renault-Nissan Alliance will provide the United Nations with 200 electric vehicles for the COP21 climate conference in Paris. The fleet of vehicles includes the Nissan Leaf and e-NV200, as well as the Renault ZOE, Kangoo ZE and Fluence ZE. The entire passenger car shuttle fleet will use all-electric vehicles as some 20,000 UN attendees descend upon Paris from November 30 to December 11. "Thanks to the Alliance's fleet of 100-percent electric vehicles, it will contribute to our goal of achieving a carbon neutral event," says French Minister of Foreign Affairs and International Development and COP21 President Laurent Fabius. "The technology of electric vehicles helps reduce greenhouse gases in the transportation sector efficiently." Read more from Renault. Visa will be the official title sponsor of the Formula E London ePrix. Officially called the "2015 FIA Formula E Visa London ePrix," the races on June 27 and 28 will be the last of the electric racing series's inaugural season. Visa Europe will award the Visa Fastest Lap trophy after the each round, and will have interactive activities at the race's eVillage.