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Volvo Cars leaps 22% in IPO stock debut — a big endorsement for EVs

Volvo Cars CEO Hakan Samuelsson at the automakers' stock market opening bell on Friday in Stockholm. (Getty Images)   STOCKHOLM — Volvo Cars shares surged 22% on their Stockholm market debut on Friday after wrapping up Europe's biggest IPO of the year so far, in a boost for new issues markets and carmakers' vision of an electric future. The Gothenburg-based company cut the size of its listing and priced it at the bottom of a previously-announced range UPDATE 3-Volvo Cars gives itself $18 bln price tag as cuts IPO size - Reuters News on Monday, valuing it at just over $18 billion and making it Sweden's second largest listing yet. But the successful deal and strong market reaction — which propels the valuation to about $22 billion — is a lift for a European automotive industry that has embarked on a challenging transition towards electric vehicles (EVs). It also shows that while the euphoria over initial public offerings (IPO) in the first half of 2021 is over, the market is open for new listings of big companies with a story to tell. Volvo Cars Chief Executive Hakan Samuelsson said the listing showed a recognition of its transition plans, adding it would be key for Volvo to demonstrate it is on track to be the "fastest transformer." "There's a much bigger interest in the market to invest in electric car makers than in the conventional ones. So we better do what we said we would," he told Reuters in an interview. Shares in the carmaker, which is majority owned by China's Geely Holding, were trading at 64.70 Swedish crowns ($7.59) at 1057 GMT, after being priced at 53 crowns in the IPO. Polestar Apart from Volvo's commitment to becoming a purely electric carmaker by 2030, it also has a 49% stake in EV venture Polestar, which said in September it would go public through a $20 billion deal. Samuelsson said Polestar had a "good valuation." "They are already electric... showing in a way what the potential would be for Volvo if this (the transformation) is done in the right way." A source familiar with Volvo's transaction said the outcome of this week's IPO was good, even though investors had pushed back and forced Volvo to price at the bottom of the announced range. "The company had to compromise on size and the governance structure. They were hoping for a read across on Polestar, but they were clearly not getting that," the source said, requesting anonymity because they were not authorised to speak to the press.

Volvo Cars August sales down 4.6% year-on-year

HELSINKI — Sweden's Volvo Cars saw its August sales fall by 4.6% year-on-year to 43,666 vehicles as the global semiconductor shortage and other disruptions continued to hurt deliveries, the Swedish car maker said in a statement. Demand remained good, but the component shortages as well as power cuts and COVID-19 outbreaks in China interrupted output, the company said. Volvo Cars on Thursday said it would temporarily close its plant in the Chinese city of Chengdu due to local coronavirus restrictions and that a second facility had also been affected by recent lockdowns. The company's shares traded down 0.7% at 0737 GMT, lagging a 1% rise in Stockholm's benchmark index. (Reporting by Essi Lehto, editing by Terje Solsvik) Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Volvo racks up the most IIHS Top Safety Pick+ awards of any 2022 carmaker

It should not come as any surprise, but Volvo has won the most IIHS Top Safety Pick+ awards of any automaker in 2022. Top Safety Pick+ is the Insurance Institute of Highway Safety's top prize. Volvo has accumulated 13 of the awards, spanning its entire lineup. IIHS and Volvo separates models between gasoline and electrified versions of the same car, even though the tests may have been conducted only on one variant. For example, the XC60 Recharge earns an TSP+ even though tests were conducted using gasoline-powered XC60 T5 and T6 models. Similarly, a C40 Recharge gets the award even though the actual test was conducted on a similar XC40 Recharge. Also, as with Mazda's lineup TSP+ rankings from earlier this year, some are carried over to 2022 model year cars from tests on previous model year cars. This is only when the model has not changed significantly. For example, the XC60's 2022 ranking was based on a 2018 model year's crash test. The IIHS conducts six tests on each car — a moderate overlap front crash, two small overlap front crashes for both driver and passenger, a side impact crash, a roof strength crush evaluation, and a head restraint test using just the car seat. The results are ranked out of four levels, with a green "Good" marker indicating the top tier. Beyond the crashes, Volvo earned top marks for standard safety features such as forward collision warning, automatic emergency braking, and pedestrian and cyclist detection. It should be noted that most Volvo models earned an "Acceptable" rating for ease of use of the LATCH safety seats. This is the second best rating, but does not affect crash worthiness, and won't matter if you don't use child seats. XC40 models received a "Poor" rating for its safety belt reminders, which IIHS deemed not loud or long enough. Some models like the S90 and XC60 received "Acceptable" ratings on headlights, with IIHS wishing the beams were brighter on turns. Despite these minor quibbles, the overall ratings are still very impressive. It should be noted that even the V60 and V90 wagons, which are (achingly beautiful but tragically) discontinued in America, also got TSP+ ratings though were not included in the 13-model 2022 count. Related Video This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvo XC90 Earns IIHS Top Safety Pick+ Crash Test Rating