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Volvo Cars plans $20 billion stock IPO this month, sources say

STOCKHOLM — China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was penciled in for the end of September. Goldman Sachs and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available. Geely, which bought Volvo from Ford more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Traditional carmakers have fallen out of favor in recent years, as Tesla has risen to be one of the world's most valuable companies, putting the focus on electric vehicles. Many European firms have pivoted toward the electric sector, including Volvo, which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar. Valuation Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion. A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook. A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler and BMW. Tesla's valuation is more than 70 times that. NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion. "The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said. For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

Baby Ford Ranger and electrified Dodge Challenger? | Autoblog Podcast #569

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder. They address a couple interesting news topics, including an upcoming Ford pickup that's smaller than the Ranger, as well as a future electrified Dodge Challenger. They also opine about the new Honda Urban EV prototype that's scheduled to debut at the Geneva Motor Show. Then they talk about the cars they've been driving, including the new Subaru Crosstrek Hybrid, Volvo V60 and Audi A6. Finally, they take a question from Autoblog's recent Reddit AMA to help spend a Redditor's money. Autoblog Podcast #569 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Ford Focus-based pickup Electrified Dodge Challenger Honda Urban EV Cars we've been driving 2019 Subaru Crosstrek Hybrid 2019 Volvo V60 2019 Audi A6 Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Green Podcasts Audi Dodge Ford Honda Subaru Volvo Truck Coupe Crossover Hatchback Wagon Electric Hybrid Performance

Volvo V90 Cross Country vs V60 Cross Country Luggage Test | Comparing cargo areas

While the Audi A6 Allroad and Mercedes E 450 All-Terrain have disappointed us with their poseur levels of capability and questionable value, that is not the case with the other midsize luxury off-roadish wagon: the 2021 Volvo V90 Cross Country. It has genuinely useful extra ground clearance and a lower, more sensible price. But what about that other element of wagon goodness, utility?  Although I have not luggage-tested the Allroad or All-Terrain, Road Test Editor Zac Palmer effectively did so using different luggage and different A6/E-Class wagon variants. Our results are therefore only vaguely comparable. My guess is the Mercedes would win the day and the V90 would top the Audi, but again, that's just a guess. I have, however, luggage-tested Volvo's smaller off-roadish wagon, the V60 Cross Country. Surprisingly, the difference between Cross Countries isn't that great.  According to Volvo's wonderfully detailed cargo specifications that indicate what exactly they measured (hint hint, every other car company), the V90 Cross Country (above left) has 25.5 cubic-feet of space behind the back seat from floor to roof. The V60 Cross Country (right) has 23.2 cubic feet. That's not much of a difference.  However, Volvo also provides the cargo area length from the seat base to the liftgate. That's a bigger difference on paper: 45.4 inches for the V90 and 40.7 inches for the V60. That would play out once I brought the luggage into the equation.  Before we get to the bags, though, take one more look at the above comparison photo. Check out the different D pillars and specifically how much more upright the V60's are. That's my guess as to why the V90 cargo area manages to be so much longer, yet has only a minor volume difference.  Same bags, same formation, different Volvo wagons. You clearly see here that there's more length available in the V90. Five inches more? I don't know about that, but you nevertheless DO get more space.  As with every luggage test I do, I use two midsize roller suitcases that would need to be checked in at the airport (26 inches long, 16 wide, 11 deep), two roll-aboard suitcases that just barely fit in the overhead (24L x 15W x 10D), and one smaller roll-aboard that fits easily (23L x 15W x 10D). I also include my wife's fancy overnight bag just to spruce things up a bit (21L x 12W x 12D).