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Volvo teases new electric SUV for 2023 reveal

At the launch of the Volvo EX90 flagship electric SUV, Volvo teased a new, smaller electric ute for reveal in 2023. At the end of the presentation (around 1:32:50), Volvo CEO Jim Rowan told media in attendance to look closely as animated graphics appeared on the screen behind the EX90. There, shrouded in darkness, we see the rear illumination of the EX90, with flashes of a smaller SUV appearing next to it briefly. Could this be an electric successor to the XC60, perhaps to be called the EX60? It looks like it could be smaller than the XC60, but it's hard to be sure in this dark image. We’ll have to wait until 2023 to know for sure. But Volvo has said it intends to release a new EV each year as it transitions to an all-electric lineup by 2030. Stay tuned. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Volvo Cars plans $20 billion stock IPO this month, sources say

STOCKHOLM — China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was penciled in for the end of September. Goldman Sachs and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Volvo Cars declined to comment. Geely did not immediately respond to an emailed request for comment outside normal business hours in China. SEB and Goldman Sachs declined to comment. The other banks were not immediately available. Geely, which bought Volvo from Ford more than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Traditional carmakers have fallen out of favor in recent years, as Tesla has risen to be one of the world's most valuable companies, putting the focus on electric vehicles. Many European firms have pivoted toward the electric sector, including Volvo, which aims to only make fully electric cars by 2030 and owns a 49.5% stake in electric car maker Polestar. Valuation Gothenburg-based Volvo Cars aims to secure a valuation of roughly $20 billion, one of the sources said, while another mentioned a possible range of $20 billion to $30 billion. A third source suggested a $16 billion valuation was more realistic, citing the firm's revenue outlook. A $20 billion valuation for Volvo would be equivalent to six to seven times its earnings, a level some analysts say is high although it would put it in line with rivals Daimler and BMW. Tesla's valuation is more than 70 times that. NordLB's automotive analyst Frank Schwope estimated a valuation range of $10 billion to $15 billion. "The strong margins seen in the first half of 2021 are unlikely sustainable as the market benefited from a strong post-pandemic rebound that is unlikely to continue," Schwope said. For Geely's founder Li Shufu, who bought Volvo for $1.8 billion, the listing is a milestone on the road to transport of the future, where cars are part of an electrified network of mobility services generating data and business opportunities.

Volvo reapplies to trademark the term C60

Perusing the database at the U.S. Patent and Trademark Office, CarBuzz happened on a trademark application Volvo cars filed for the term C60. Submitted earlier this month, on December 14, the mark would cover "Vehicles and Products for locomotion by land, air or water." Sounds like a car to us. Knowing the way trademarks go — which means knowing we might never see them on a production vehicle — this could be Volvo hedging a very long bet. The easiest guess as to where C60 might fit in the lineup is as the crossover coupe version of the XC60 Recharge, following the mold of the XC40 Recharge and C40 Recharge (pictured). With the current, second-gen XC60 having arrived for the 2018 model year, we would think a C60 version waits until a heavy facelift or new generation to join the party, assuming it ever happens. What's not hypothetical is Volvo's long-term involvement with the C60 alphanumeric. Going deeper into the USPTO files, seems Volvo first applied to trademark C60 on September 5, 2001, the same day the automaker also applied to lock down C40. Volvo traded paperwork with the government agency until 2009, when the carmaker abandoned both C40 and C60 in March of that year. Oddly, two months before, in January 2009, Volvo had reapplied to trademark C40 and C60, then abandoned both again seven years later, in July 2016. Again, oddly, nine months before the second abandonment, Volvo had reapplied yet again to trademark both C40 and C60. That was in November 2015. The USPTO granted Volvo the rights to the mark at the end of 2016, and it remains valid. So Volvo's latest submission is the continuance of the mark it's owned for six years and been toying with for 21. Volvo Cars owns the XC40 and XC40 Recharge trademarks, as well as C40, but it doesn't own a C40 Recharge trademark, the latter being the name of the production model. It took 20 years from Volvo's first idea of the C40 for us to get a production version. We don't know what a potential C60 will be, but it shouldn't be too far away. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.