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Volvo Cars hopes to raise $2.9 billion in its stock IPO

STOCKHOLM/LONDON — Geely-owned Volvo Cars plans to raise 25 billion Swedish crowns ($2.9 billion) through an initial public offering (IPO), the Swedish carmaker said on Monday of what would be one of Europe's biggest listings this year. Volvo said it will list on the Nasdaq Stockholm stock exchange this year and that Chinese owner Geely Holding would remain its biggest shareholder. In 2018, Volvo Cars and Geely, which also owns an 8.2% stake in Sweden's Volvo Trucks, postponed plans to float shares in the Swedish carmaker, citing trade tensions and a downturn in automotive stocks. "Volvo Cars believes that its unique structure and focused strategy makes it one of the fastest transformers in the global automotive industry, with mid-decade ambitions dedicated to electrification, sustainability and digitization," the Swedish company said in a statement. Like a number of other carmakers, Volvo has committed to shifting its entire car range to fully-electric models by 2030. Volvo said is targeting an operating margin of between 8% and 10% by 2025. It is also aiming for annual sales of 1.2 million cars, up 56% from the 770,000 it sold in the 12 months to June 20 this year. Electric push The carmaker said it expects 50% of sales to be fully electric cars by the middle of the decade and that 50% of sales will be made online rather than in dealerships. Volvo Cars said earlier on Monday that its sales in September fell 30% from a year earlier, dented by the global components shortage. Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion. Volvo Cars had previously said it was considering a Stockholm listing in the second half of 2021. A Volvo spokesperson on Monday said that the company had no comment on valuation or on how much of the business would be sold in the IPO. "There will be further information published in connection with the prospectus," she said. Electric-car maker Polestar, which is owned by Geely and Volvo, last week said it will go public by merging with a U.S.-listed special purpose acquisition company (SPAC) backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Volvo C40 Recharge charging

Volvo Trucks makes some pretty strong brakes

Often dashcam footage from Russia shows some of the worst driving imaginable, but this is an exception. The Volvo truck driver in this video definitely earned himself a drink or two at the end of the day after making it through this potentially horrific crash. As do the folks at Volvo that engineered those brakes.
The truck driver shows some fantastic reaction time as the silver hatchback suddenly pulls out of an intersection. It looks like he only has a few yards to bring the behemoth to a stop before demolishing the little car. While it's an impressive feat, the best part of the video has to be the driver's bow when he gets out of the truck. He looks like a maestro who just finished conducting a symphony asking for a round of applause.
Scroll down to check out this truck driver's skills and see if he earns his bow afterward.

Volvo Car partners with Northvolt to develop and produce batteries

STOCKHOLM — Volvo Car Group, owned by China's Geely Holding, announced plans on Monday for a joint venture with Swedish battery maker Northvolt to develop sustainable batteries for its electric cars and set up a factory for production. The companies aim to set up a research and development center in Sweden to begin operations in 2022 and start a factory in Europe with a potential capacity to produce up to 50 gigawatt hours (GWh) per year in 2026. "Working closely with Northvolt will also allow us to strengthen our in-house development capabilities," said Hakan Samuelsson, chief executive at Volvo Car Group. Northvolt will become Volvo Cars' exclusive battery cell production partner in Europe. The factory will be powered by clean energy and is expected to employ around 3,000 people. The location of the plant has yet to be decided. Northvolt raised $2.75 billion in equity this month to expand capacity at the factory it is building in northern Sweden, and Volvo plans to source battery cells from that battery plant starting in 2024. German carmaker Volkswagen is Northvolt's biggest shareholder, and the battery maker has also got contracts worth billions from the likes of BMW and Scania. Battery makers are scrambling to keep up with demand as carmakers switch to electric in order to reduce planet-warming carbon emissions. Volvo Cars aims to sell 50% pure electric cars by the middle of this decade, and by 2030 it aims to sell only fully electric cars. Electric successor to Volvo's XC60 model will be the first car to feature battery cells developed through the joint venture.