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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

5 thoughts about the 2024 Volvo C40 Recharge

BIRMINGHAM, Mich. -- The Volvo C40 Recharge is a quirky yet elegant little hatch with a lot to talk about. Along with the XC40, it’s the first rear-wheel-drive Volvo since the 1990s. The cabin blends Google power with Scandinavian simplicity. I think the C40 looks like an early crossover from the ‘80s. So yes, I have thoughts. Five of them. The design reminds me of the AMC Eagle Stay with me here. Am I the only one who thinks this looks like an AMC Eagle? ItÂ’s the big wheels — these diamond-cut silver and black rollers measure 20 inches — and the silhouette. A slightly lifted hatchback is a crossover these days, but it shares some of the quirkiness and car-like quality of the Eagle, which could be considered an early crossover. Tenuous design connections aside, the slab front end, LED headlights and prominent Volvo emblem conjure the requisite premium feel. It does look the part of an EV, which is a natural vibe for Volvos in general. They exude quirky sophistication layered over Scandinavian minimalism and sensibility. Not your flavor of vodka? You may have heard the Dodge Charger is now an electric vehicle. I had an odd charging experience With a few minutes to kill on a Saturday morning, I pulled into a ChargePoint station to try to grab some bonus miles. I didnÂ’t have much time, but the ChargePoint chargers were literally across the street from where I was going. Might as well be plugged into one if IÂ’m going to sit in the parking lot, drink coffee and read Autoblog on my phone. Alas, the driver screen read “initializing charging” but never consummated the charge. I unplugged and re-plugged. No dice. ChargePoint charged me $2 for the pleasure of hooking up my car and not charging for five minutes. Like I said, I was just killing time and didnÂ’t absolutely need the juice, so away I went. I try to make a point of charging EVs on public infrastructure for each test car, and the results are uneven. This C40 had been recently charged, so I tend to think it was just a ‘bad handshakeÂ’ between the car and the charger, which seems to be common for EV owners. I suppose it could have been user error, too. In these situations thereÂ’s a tendency to assign blame. IÂ’m not. IÂ’m just saying it didnÂ’t work. ItÂ’s a fun little thing to drive The single, rear-mounted motor delivers 248 horsepower and 310 pound-feet of torque.

Cyan Racing shows slightly tamer resto-modded Volvo P1800 GT

Cyan Racing, which was known as Polestar until Volvo purchased the rights to the name in 2015, has unveiled an evolution of its resto-modded P1800 that puts a bigger emphasis on comfort. Called GT, the coupe remains as attractive as its more track-focused sibling. If you need a refresher course, Cyan Racing branched out into street-legal cars when it unveiled a P1800 with classic good looks and modern performance in 2020. That was arguably the worst year to launch anything, let alone an expensive reboot of a relatively obscure classic, but Cyan was on to something: it didn't take long for the brand to receive its first orders.  Viewed from the outside, the GT looks a lot like Cyan's original P1800. It features two-piece bumpers, a front splitter, wheel arch flares and a racing-style fuel filler cap that pokes through the trunk lid. It's inside that you'll find some of the bigger changes: Cyan fitted more comfort-oriented front seats and installed a different roll cage, for example. The brand also notes that it installed more sound-deadening material. Power still comes from a turbocharged, 2.0-liter four-cylinder engine, though it has been tuned with a focus on drivability rather than on flat-out performance. How much power varies from car to car. The output of Cyan's previous P1800-based builds ranges from 350 to 420 horsepower. The turbo-four spins the rear wheels via a five-speed manual transmission, and the coupe weighs less than 2,200 pounds thanks in part to a carbon fiber body. The adjustable suspension system is specific to the GT and softer than the track-bound model's, too. Cyan notes that production of the P1800 GT will be limited, though it doesn't have a specific number of units in mind. Every build starts with a donor P1800, and production takes place in Gothenburg, Sweden. The process requires between 12 and 15 months of work per car. As for pricing, it depends on how the car is configured. Cyan told Autoblog that the average price of the cars built so far hovers around $600,000. That's a lot, but customers keep coming: Cyan notes the second car from the production run has already been shipped to the United States. Featured Gallery Cyan Racing's Volvo P1800 GT, official images View 9 Photos Aftermarket Design/Style Volvo Coupe Luxury Performance Classics