2006 Volvo 2.5l Turbo on 2040-cars

Auto blog

Volvo's $2.9 billion stock IPO is a key test in shift to EVs

Volvo Car AB is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the transition to electric vehicles. The Swedish carmaker, owned by China’s Zhejiang Geely Holding Group Co., is offering shares at 53 kronor to 68 kronor each (about $6-$8), according to a statement Monday.  The deal values Volvo Cars at as much as $23 billion, 11 years after the Chinese firm bought the business from Ford Motor Co. for $1.8 billion. The IPO is set to be EuropeÂ’s largest since January, according to data compiled by Bloomberg. The carmaker, with an ambitious plan to only sell full electric cars by 2030, plans to use the funds to add carmaking capacity so it can nearly double annual sales to more than 1.2 million vehicles. Volvo Cars also plans to construct a battery plant in Europe. “We have a very clear strategy to be an electric company in 2030 and weÂ’ve been on that journey for some years now,” Volvo Cars CEO Hakan Samuelsson said in an interview. “With this, of course, we can secure that transformation, because of course, itÂ’s not free of charge.” VolvoÂ’s projected market capitalization of about $20 billion compares to roughly $65 billion for BMW AG, while the German premium carmaker produces more than 2 million vehicles versus Volvo CarsÂ’ 660,000 last year. Newer entrants to the industry such as ChinaÂ’s Nio Inc. and Tesla Inc. have seen their share prices surge past traditional manufacturers even as they sell only a fraction of the number of vehicles. The IPO also comes less than a month after electric-vehicle maker Polestar, controlled by Volvo Cars and Geely, said it will go public in New York via a blank-check merger. The deal implies an enterprise value of $20 billion for the startup, with Volvo Cars expecting to hold a 50% stake in Polestar after it lists. While the century-old Swedish industry stalwart and Polestar have similar valuations, 4-year-old Polestar has a target of delivering only about 29,000 cars this year. Geely previously attempted to take Volvo Cars public in 2018, but called off the listing after investors were said to balk at its valuation expectations of as much as $30 billion.  A group of pension funds and institutional investors have committed to buying 6.4 billion kronor worth of shares in the IPO. The offering of as much as 21% of Volvo Cars runs through Oct. 27, and the shares are set to start trading in Stockholm on Oct. 28. Goldman Sachs Group Inc.

Junkyard Gem: 1982 Volvo 244 DL

Because it was sold in the United States for so many years — 19 model years, to be exact — and won the hearts of so many American drivers with its reliability and safety, sufficient examples of the Volvo 200 Series remain in service that they continue to show up in self-service car graveyards nearly 30 years after the last ones left the showroom. We saw a low-mile Richelieu Red 1983 Volvo 244 DL in a Denver-area yard last year, and now I've found a near-identical 1982 244 DL in another yard located between Denver and Cheyenne. Volvo went through several variations in the naming scheme for these cars between 1975 and 1993; during the first half of the 1980s, the 240 was badged using just the trim level. That makes this car a 1982 Volvo DL, the cheapest trim level available at the time. By now, though, everyone who knows old Volvos uses the three-number system of the 1970s, with the second digit indicating the number of engine cylinders and the third digit representing the number of doors. I'll be using the 244 designation here. This car came from the factory with a fuel-injected 2.1-liter SOHC straight-four rated at 112 horsepower. This car has the base four-on-the-floor manual transmission with an overdrive selected via the switch on the shift knob. If you wanted an automatic transmission, you had to pay an extra $325 (just over a thousand bucks in 2022 money). Later in the decade, a five-speed manual became available on the 240. Most 240s rack up better than 200,000 miles during their careers (and I've seen quite a few that made it past 300,000), but this car didn't reach that figure. This car still has its original AM/FM/cassette radio, which would have cost serious money in 1982. The MSRP on this car was $10,260, or about $31,800 in 2022 dollars. The two-door version went for $9,785 ($30,330 now). You could get a new 1982 Buick LeSabre Limited sedan for $9,331, and it was much roomier and more powerful than the VolvoÂ… but not as good in a crash. There's very little rust on this car, and the only serious body damage is this dented passenger-side door. The rodent nesting detritus under the hood and the lack of wear on the seat fabric suggests that it got parked for good a decade or three back. Perhaps it would have been rescued and revived in the rustier parts of the continent, but there's a glut of restorable 244s and a shortage of Volvo enthusiasts in the Denver area. This content is hosted by a third party.

Season 9 of Comedians in Cars Getting Coffee teases us with BMWs and Volvos

Jerry Seinfeld's successful online show Comedians in Cars Getting Coffee is heading into its ninth season, returning January 5th. It should be no surprise that the list of actors and comedians is impressive, with Kristen Wiig, Christoph Waltz, and more making appearances. Seinfeld has lined up an equally impressive list of cars for the new season. Porsche, BMW, and Volvo all have beautiful machines lined up to shuttle Seinfeld and his guest to different coffee shops. As always, it's a mix of light humor packed into a relatively short and, most importantly, free video. Catch up on the previous eight seasons now on Crackle. Related Video: News Source: YouTubeImage Credit: YouTube Celebrities Humor Acura BMW Cadillac Porsche Volvo Convertible Coupe Luxury Performance Classics Videos Sedan trailer jerry seinfeld comedians in cars getting coffee seinfeld