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Used Volvo V70 wagon for $20 million includes New York 'New York' vanity plate

Billed as the world's most expensive Volvo wagon, a dark blue New York-based V70 is currently for sale for $20 million (and probably will be for some time). It's not the car that makes the sale special, though. It's the New York state vanity plate that reads "NEW YORK." Indeed, the ad lists a Volvo but it doesn't even mention the year, mileage or model, and in photos it's still wearing a fresh sheen of road salt. Custom plates are big business in some parts of the world. It also should be noted that the plates are of a recent design and not of the original 1970 issue. New York allows you to update vanity plates to new designs for a small fee. According to the listing on Du Pont Registry, the current owner of the plate suggested that their father buy the plate in the 1970s. This was when New York first began offering personalized plates. Surprisingly, it had not yet been claimed, allowing the family to ride around with the words "New York, New York" plastered on their government-issued vehicle identification for four decades. While the ad claims that the plate, replicas of which are sold in souvenir shops all over the Big Apple, is transferable to any vehicle, we have our doubts. Best we can tell, New York license plates don't stay with the car. The Empire State requires you to surrender your plates when you sell your car, unless you're planning on transferring them to a new car. However, the transfer can only be done, according to the New York DMV, if the names on both registrations are the same. You can't even transfer the plate to your spouse. The same rules apply for personalized plates. If you sell a vanity plated car without an immediate replacement, you can store the personalized plate with the New York DMV and then reinstate them later, but nowhere does it say the plate can be transferred. In fact, the DMV says "The new owner must apply for a new vehicle registration, vehicle plates and a title certificate. The new owner does not use the vehicle plates or the registration items of the previous owner." As our own Joe Lorio put it, "Whoever buys that Volvo might end up with just a very expensive used Volvo wagon."

Volvo adds 48V hybrid system to a bunch of 2022 models

In 2019, Volvo announced an updated powertrain fitted with a 48-volt mild hybrid system. The integrated starter-generator and regenerative brake-by-wire refilling a small battery could increase fuel economy by up to 15% in real-world driving. There are three layouts, dubbed B4, B5, and B6 that the Swedish automaker's already been rolling out globally. Next year two of them, the B5 and B6, come to the U.S. for the first time under the 2022 Volvo S60, S90, V90 XC, and XC60. The EPA's fuel economy site shows all of those models making small fuel economy gains, too. The B4 and B5 powertrains contain both gas and diesel mild-hybrids, the B6 is gas-only. All of the gas options (Volvo doesn't offer diesels here) will start with a 2.0-liter four-cylinder, the B5 adding a turbocharger, the B6 adding a turbocharger and a supercharger.  Per the EPA, the front-wheel drive 2021 Volvo S60 returns 23 miles per gallon in the city, 34 on the highway, and 27 combined. The new 2022 Volvo S60 B5 betters that with 26 city, 35 highway, and 30 combined. The 2022 S60 B5 AWD bests the 2021 model with the both versions of the non-hybrid 2.0-liter engine by one to three miles per gallon in nearly every category. The only model that does better, for obvious reasons, is the 2021 S60 AWD PHEV, which has been renamed S60 T8 AWD Recharge. The 2022 Volvo XC60 comes in AWD B5 spec with the turbocharged 2.0-liter, and AWD B6 spec with the turbo- and supercharged 2.0-liter. Gains are smaller here, the EPA showing a one-mpg increase in the city when comparing the 2021 XC60 to the 2022 B5 model. With the B6 powertrain, the 2022 XC60 improves by one mpg in the city and combined compared to the 2021 model. The EPA site doesn't show a front-drive XC60 for next year, and the XC60 AWD PHEV is already referred to as the XC60 T8 AWD Recharge. It's possible horsepower ratings will change slightly for the mild-hybrid rigs next year, but not enough to change the driving experience. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

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.