2004 Volvo Xc70 Base Wagon 4-door 2.5l on 2040-cars

Auto blog

Volvo Cars' earnings top pre-pandemic levels in boost ahead of possible IPO

STOCKHOLM — Volvo Cars reported a return to profit in the first half as demand for electric cars pushed earnings above pre-pandemic levels, putting the carmaker on a firmer footing as it considers a possible IPO this year. Sweden-based Volvo, owned by China's Geely Holding, said on Friday it made a first-half profit of 13.24 billion Swedish crowns ($1.52 billion), more than double its profit of 5.52 billion crowns in the corresponding period of 2019, before the coronavirus struck. Like several other automakers Volvo has been forced to cut production due to global shortages of semiconductors, but it said a strong market recovery from last year's plunge during the pandemic helped first-half revenue rise by 26% to 141 billion crowns. "The pandemic effect, when it comes to our business, we don't see it anymore," Chief Executive Hakan Samuelsson told Reuters. "All our employees have not been vaccinated yet, but sales and production are really back to where we were." The company, which is eyeing an initial public offering before the end of this year, said all its regions showed solid growth and improved market shares, with chargeable cars representing 25% of total sales. Samuelsson said the evaluation process ahead of a potential IPO was progressing according to plan, adding the firm was still considering listing on the Stockholm stock exchange in the second half of 2021. "The company stands stronger than ever and we are in the midst of a very substantial transformation ... It has to be financed and access to the stock market is of course positive then," Samuelsson said. Volvo Cars had been heavily affected at the start of the pandemic, plunging to a 989 million loss in the first half of 2020. The company on Friday kept its second-half outlook for flat sales and revenue growth year on year, "unless supply of semiconductors improves". It said earlier this month that first-half sales rose 41% to 380,757 cars. The Gothenburg-based firm plans to become a fully electric car maker by 2030, sell 600,000 battery electric vehicles at mid-decade, and build a European battery gigafactory in 2026. ($1 = 8.6821 Swedish crowns) (Reporting by Helena Soderpalm; editing by Niklas Pollard and Susan Fenton) Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvo introduces 2022 C40 Recharge crossover

Volvo reveals its first vehicle made of fossil-free steel

A few months ago, Volvo teamed up with Swedish steel producer SSAB to develop a type of steel it can use for its vehicles that doesn't use fossil fuels. Now, the automaker has revealed what it says is the world's first vehicle made of fossil-free steel: A four wheeled fully electric load carrier made for quarrying and mining. In addition to having no greenhouse gas emission, it's also autonomous and can follow a pre-programmed route to transport materials at a job site. SSAB produces fossil-free steel by replacing the coal used during the manufacturing process with hydrogen from electrolysis. As Forbes notes, though, the whole vehicle isn't exactly fossil-free, since the steel used for its components provided by third-party suppliers, such as its electric motor, were made using traditional means. Still, Volvo Group CTO Lars Stenqvist told the publication that "majority of the steel" in the vehicle is fossil free. He said three tons of the carrier's 8.2-ton weight is made of green steel from SSAB, and those eight tons include other heavy components like the vehicle's tires. Volvo plans to start a small-scale production for the vehicle next year and to scale up production, depending on the availability of steel from SSAB. The Swedish manufacturer is hoping to start mass-producing its fossil-free steel in 2026, so we may see more Volvo vehicles made using the material by that time. Martin Lundstedt, President and CEO Volvo Group, said in a statement: "This initiative with SSAB sets the benchmark for a fossil-free future. Just as the nations of the world come together at COP26 to address climate change, so too must organizations and industries work in collaboration to develop innovative new solutions for a greenhouse gas emission free future. Volvo Group is committed to pioneering partnerships such as this with SSAB to develop attractive, safe and efficient new vehicles and machines that pave the way for a more sustainable transport and infrastructure system adopted for the future." This article originally appeared on Engadget. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Volvo fires up S60 and V60 Polestar production

We were pretty smitten with the Volvo S60 and V60 Polestar models during our First Drive in Sweden a few months ago. We especially loved the way that its Öhlins adjustable dampers offered a perfect balance between suppleness and sporty handling. Now, the rest of the world will finally be getting the chance to take the Polestar models for a spin because Volvo is shipping out the first units of the limited-edition vehicles.
Their completion marks the first time ever that Polestar-tuned models have come off the line at Volvo's Torslanda factory. However, production of the 350-horsepower hatchback and sedan is very limited. Volvo is building a total of just 750 of them for the world market, and the US is only getting 80 wagons and 40 sedans.
In addition to the cutting-edge dampers and more powerful engine, both Polestar models benefit from a rear-biased all-wheel-drive system routed through a six-speed automatic with paddle shifters and launch control. Six-piston Brembo calipers bring things to a halt, and the limited models get unique front and rear fascias and 20-inch wheels. These are two very hot Swedes, and if rumors are right, then there are even more tuned Volvos from Polestar on the way. Scroll down to read the full announcement.