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Volvo to add 1,300 jobs, ramp up production in Sweden

The expansion of the factory is part of an $11-billion investment Volvo's Chinese owners, Geely, are making.
Volvo Cars is adding 1,300 new jobs and ramping up production at its factory in Gothenburg, Sweden, in response to increased consumer demand for its vehicles.

Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

2021 Volvo XC90 Recharge Road Test Review | I could've had a T8!

Second thoughts … sometimes even buyerÂ’s remorse. Nagging doubts can follow life's big decisions — and buying a car is a biggie. Was it the right choice? Or as the poet said: "You may find yourself behind the wheel of a large automobile / And you may ask yourself, 'Well, how did I get here?'" Two years ago, I bought a 2017 Volvo XC90 lease return with 11,000 miles on it. I hadnÂ’t expected to find an XC90 within my budget, but this one was attractively priced because it, A) was a T5, meaning turbo-only; B) had the base Momentum interior; and C) was a third-row delete, which was a turnoff to other car shoppers. Otherwise, it was heavily optioned and seemed like it would serve my family well and keep them safe. And it has. It has lots of room. It drives as well as any medium-large SUV can. The tough leatherette endures the abuse of dogs and kids and the dirt of outdoor activities. The legendary Volvo seats have comforted and supported us, even on a 750-mile day from California to Washington. We've routinely seen highway mileage go past 30 mpg. And the off-road mode was surefooted during last month's nationwide snowfall. The carÂ’s great. And yet, while at the Volvo dealership for complimentary service, sipping the waiting-room coffee and wandering the showroom, you see the cars you could have bought, had you spent more money — a turbo-and-supercharged T6, or the twin-charged-plus-plug-in-hybrid Recharge (previously known by the powertrain's name of T8). And with Volvo's elegant Inscription interiors. Would they have provided a better ownership experience than our secondhand lower-rung model? One doesnÂ’t often get a do-over to answer such questions. But a recent week in a 2021 Volvo XC90 Recharge provided a drive down the nicer road not taken. The differences between a 2017 T5 Momentum and the 2021 Recharge Inscription are many, and also few. They're basically the same car, same dimensions inside and out, same overall feel. Panoramic sunroof, same. Massive cargo hold, same — though because ours lacks the third row, it gains a large secret underfloor storage compartment. Both XC90s have roof rails, but the rails on the new car are flush-mounted versus the '17's raised rails (youÂ’d need different crossbar towers for each).