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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.

What's the deal with comedians and their cars?

'Round about the time in his life when it should happen for all of us, Jerry Seinfeld's ship came in with a force that almost split the dock. He'd been doing pretty well with his observational style ("There's a cereal now that's just cookies. Have you seen this? Cookies for breakfast. It's called Cookie Crisp. Cookies for breakfast! They oughta just call it 'To Hell With Everything!'"). But he showed no signs of setting the world on fire until he got cast in a show that was either about – depending on the level of comedy geek you ask – the average New Yorker, the very worst people in the world, or nothing. Suddenly Jerry Seinfeld was pretty much the center of the comedy universe. And while his comedy was at once both brilliantly innovative and rooted in the mundane, his next move was a predictable grab at something exotic – he went out and bought his dream car. A rather nice 911, actually. As almost everyone knows, it didn't stop there, and the man put together one of the most enviable collections of iconic Porsches we're likely to see. So what's the connection, if there is one, between cars and comedy? As far as Jerry Seinfeld (the man) is concerned, he's probably not the same guy as the Jerry on Seinfeld (the show) although it's hard to say for sure; his public persona is almost unnervingly well managed. But cars and comedy were the constants in his life then, and, well, just look at what the guy does now; Comedians in Cars Getting Coffee is a cultural constant, and we're certainly seeing Seinfeld the man in that one, and cars are obviously still central to his life. And it's been that way with a lot of very, very good comedy guys. Cars seem to round out their lives, to become the yin to their comedy yang. Ernie Kovacs might not have invented visual gags or surreal humor, but he got them both to kill on television in the 1950s, so he's a comedy hero. He died behind the wheel of his beloved Corvair wagon, so he's absolutely some kind of car-guy hero as well. Bill Cosby, the hottest name in comedy for a good long while, had Ferraris, one of two fire-breathing supercharged big-block Cobras (pictured below), and a BMW 2002tii – none of which either contributed to or in any way make up for the profoundly sociopathic creature he turned out to be, but it's still a data point. The Smothers Brothers, who defied the networks and the norms by getting blatantly political before that sort of thing was cool, went sports car racing.

Volvo to complete concept car trilogy in Geneva

Volvo went through some doldrums around the same time it was bought by Geely, but it proved that it was back when it unveiled the P1800-inpsired Concept Coupe last August at the Frankfurt Motor Show. It followed up with the sleek Concept XC Coupe crossover (pictured above) in Detroit that echoed the next-generation XC90. Now, the Swede is readying one more concept to bring the trilogy to an end, and act as the centerpiece of its display at the Geneva Motor Show in March.
There are no images of the new concept yet, not even a teaser, but Volvo says that like the other two, it's designed by Thomas Ingenlath and shares common design elements. Since it has already imagined a future coupe and crossover, maybe the concept is a sedan. Volvo has confirmed that it rides on the modular Scalable Product Architecture platform that is being used on multiple future production models and uses its new Drive-E four-cylinder engine family.
The Concept Coupe and Concept XC Coupe will be on display with the new concept in Geneva so that visitors can get a complete idea of Volvo's future. Hopefully, the company has finally righted the course and is ready to compete on the world stage again. Scroll down to read Volvo's few details about the new concept.