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Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.

Irv Gordon's Volvo P1800 has reached 3 million miles

While we were seated at our desks like good worker bees yesterday, Irv Gordon was continuing his assault on the record books. Gordon, if you recall, is the original owner of a red 1966 Volvo P1800 (owner and car shown above), and yesterday, Volvo says the coupe's odometer clocked its three-millionth mile. The miracle mile occurred on the Seward Highway in Alaska, one of only two states that Gordon had never visited.
It took the New York native more than 20 years to hit his first million miles in 1987 and another 15 years to achieve two million miles in 2002, but a road trip to Alaska will further cement his place in the record books as the car surpasses three million miles. Gordon has almost doubled the 1.69-million mile distance that helped him win a Guinness Book of World Records title for the most miles logged on an originally owned car, and this new momentous distance proves the durability of both man and machine. For more information on Gordon's feat, scroll down for a Volvo press release or check out a website set up to celebrate his latest milestone.

Bronco, Yukon, Hummer and a CES recap | Autoblog Podcast #610

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Consumer Editor Jeremy Korzeniewski and Assistant Editor Zac Palmer. They kick things off by talking about recent news, including the revival of the Hummer name as an electric pickup, revealing Ford Bronco spy shots and the unveiling of the 2021 GMC Yukon. Then Zac tells about his time in Las Vegas attending CES 2020. They talk about the cars they've been driving: a JCW-tuned Mini Clubman, the long-term Subaru Forester with its new gold wheels, a Volvo S60 PHEV that's been added to the long-term fleet, and a Camry Hybrid. Last, but not least, they help a listener decide how to spend his money on a sports car. Autoblog Podcast #610 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 Hummer returning as an electric GMC pickup The latest on the Ford Bronco 2021 GMC Yukon CES 2020 recap Cars we're driving:2020 John Cooper Works Mini Clubman 2020 Subaru Forester long-termer (now with gold wheels!) 2020 Volvo S60 T8 Inscription 2019 Toyota Camry Hybrid XLE Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.