2005 Volvo S40 I Sedan 4-door 2.4l on 2040-cars

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Man convicted of spying on truck maker Scania for the Russians

STOCKHOLM — A Swedish court on Wednesday sentenced a 47-year-old man to three years in prison for spying for Russia, which involved selling secret information from truck maker Scania. The court said it had found the man guilty of acquiring and selling the secret information from the truck maker to a Russian embassy official. The court acquitted the man of similar espionage charges at Geely-owned carmaker Volvo Cars. "To be convicted of espionage, it is required that Sweden's security can be damaged if the information benefits foreign powers," the court said in a statement. "The district court has ruled that this is the case with regard to the information that the man obtained from Scania, while it has not been proven that this is the case with regard to the information from Volvo." The court statement said the man regularly received cash at his meetings with the Russian embassy official, which it considered was compensation for the information provided. The man, who has denied wrongdoing, was apprehended whilst meeting the diplomat in a restaurant, having just received 27,800 Swedish krona ($3,242). He worked as a consultant for Volvo Cars in 2016 and 2017 and for Scania in 2018 and 2019, until he was arrested. The man's lawyer said he would appeal. Scania is owned by truck maker Traton. Government/Legal Volvo Scania

Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.

2024 Volvo EX90 SUV revealed as forward-looking electric flagship

STOCKHOLM — Volvo has unveiled its EX90 electric three-row SUV in Stockholm, Sweden, representing the future of the brand with a focus on sustainability, safety and technology-driven design. The EX90 will be offered with two twin-motor, all-wheel-drive powertrain options. The first offers a total of 402 horsepower and 568 pound-feet of torque, and a 0-60 time of 5.7 seconds. The performance version is good for a heaping 496 horsepower and 671 pound-feet of torque, and 0-60 shrinks to 4.7 seconds. Its 111-kilowatt-hour battery (107-kWh usable), supplied by CATL, will provide up to 300 miles from a full charge, replenishable at a DC fast charger from 10-80% in 30 minutes at a peak charging rate of 250 kW. It will feature bi-directional charging, allowing the EX90 to supply electricity to your home, appliances or another Volvo EV. As far as size, the EX90 is 198.3 inches in overall length, eclipsing the XC90 by 3.3 inches in length with an identical 117.5-inch wheelbase. On the exterior, we see the Hammer of Thor daytime lights with a vertical bar below representing the lightning strike of the hammer. The horizontal lighting opens up like eyelids tto reveal the nighttime lights behind them. Up top, the lidar unit is prominent, but artfully blended into the black of the roof. The 22-inch wheels feature aerodynamic inserts that reduce turbulence; 20- and 21-inch wheels will also be available. The door handles rise to greet you when you approach with your digital key — your phone — from 30 feet away. The rear lights borrow their vertical signature from the C40. In all, the design is very "Scandinavian," meaning clean, inspired by nature and harmonious with technology, as Volvo design head Robin Page explained to us. True to the Volvo brand, safety is paramount. The EX90 utilizes cameras, radar and lidar, along with Nvidia-powered software, to take stock of the vehicleÂ’s surroundings, as well as the driverÂ’s gaze and attention, to help keep the occupants safe. The lidar can detect objects ahead to centimeter accuracy from 250 meters (about 820 feet) away in glaring sun or total darkness, Volvo says. Volvo describes the EX90 as “a highly advanced computer on wheels” with the ability to improve over time thanks to over-the-air software updates.