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Volvo aiming for a stock IPO by the end of 2021

Volvo Cars is "making good progress" toward a potential initial public offering by the end of this year, the chief executive of the Swedish premium auto brand told Reuters on Wednesday. "We are looking at the possibility of doing an IPO before the end of the year," listing shares on the Nasdaq Stockholm exchange, company CEO Hakan Samuelsson said in an interview. Samuelsson and other Volvo executives on Wednesday laid out an extensive road map to becoming a fully electric car maker by 2030, including plans to sell 600,000 battery electric vehicles at mid-decade and build a European battery gigafactory in 2026. Volvo earlier this year scrapped a proposed merger with the company's Chinese parent, Hong Kong-listed Geely Automobile. In March, Geely said Volvo would explore capital market options, including an initial public offering and stock market listing. Many startups have gone public in the United States and China over the past two years, following electric vehicle market leader Tesla Inc in taking advantage of investor enthusiasm to raise cheap capital to compete with established brands such as Volvo. Samuelsson said Volvo and Geely will continue to share vehicle architectures, internal combustion powertrains and other components. But the companies will do so at "an arm's length distance," consistent with the way independent companies do business, he said. During Wednesday's briefing, Volvo also said it plans to equip many of its future vehicles with self-driving technology, including standard lidar sensors from Luminar Technologies Inc and computers from Nvidia Corp. "Our goal is to build the safest cars possible, using all available technology," Samuelsson said. As it launches new electric vehicles, Volvo also plans a slew of related products, including insurance and vehicle subscription payment plans offered directly by the automaker, Samuelsson said. "The whole vehicle business will be recurring revenue," Samuelsson said. In Europe, the company plans to change its retail operations so that customers order new electric vehicles directly from the manufacturer, with dealers paid commissions to deliver them, Samuelsson said. In the United States, where laws protect existing dealers, Volvo will still sell vehicles through franchised retailers. For its future electric vehicles, Volvo is working with Swedish partner Northvolt on a new generation of batteries with higher energy and designed to be packaged as a structural element of the vehicle.

12-year-old golfer wins Volvo for hole-in-one [w/video]

Some people just have all of the luck. Natasha Oon, a 12-year-old girl in Malaysia, was recently attending the 40th RSGC Ladies Amateur Open Championship at the Royal Selangor Golf Club with her parents. On a whim, she teed up a shot with her eight iron and scored a hole-in-one. That would have been impressive for a girl her age by any standards, but she didn't see the sign that said making the shot also won her a new Volvo XC60 T5. Not a bad prize for a tween who won't be allowed to drive for at least a few years.
So what does any good 12-year-old do with a CUV? Give it to her parents of course. According to website Paultan, she plans on giving the crossover to her mom and told her, "this is the car that you will use to drive me to school every day." Scroll down to watch video of Oon receiving the oversized key to the Volvo with her family and a brief interview with her about what she was thinking when she found out she won a car for sinking a fantastic shot.

Volvo Polestar celebrates STCC title with Black R edition S60, V60 and XC60

The relationship between Volvo and Polestar was forged - and forges deeper still - on the racetrack, where the latter fields the former's tin-top entries in the STCC, WTCC and V8 Supercars. And based on their success together in touring-car racing, Volvo has had Polestar amp up a number of its production road cars. What we have here is the latest.
This year Volvo and Polestar dominated the Scandinavian Touring Car Championship, taking both the drivers' and manufacturers' titles. So to celebrate, Polestar has rolled out a new Black R package for the S60 sedan, V60 wagon and XC60 crossover.
The package includes an upgrade to 329 horsepower for the T6 engine and to 230 hp for the D5, and further enhances with special wheels, a dropped suspension, special sport seats and more. Unfortunately the package is only being offered in Sweden, but you can scope out the details in the press release below and the photos in the gallery above.