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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 details upcoming XC90's new scalable platform

In two weeks' time, we'll be boarding a flight for Stockholm for the live reveal of the new Volvo XC90. But before we do, Volvo has revealed another round of salient details regarding not only its new crossover, but a whole range of new vehicles to share its architecture.
That platform is called Scalable Product Architecture, and it follows the latest industry trend towards modular platforms. The product of four years' development, the new platform uses high-strength boron steel to optimize weight and rigidity. The scalable architecture, set to underpin the next-generation S60, V60, XC60, S80 and anything larger, offers designers more flexibility in terms of proportions. It can be adapted to a wide range of vehicles of different shapes and sizes, designed from the get-go to incorporate a range of powertrains (including the XC90's new twin-charged hybrid system) and all the latest safety technologies you'd expect from a Volvo.
The XC90, Volvo has revealed, will also offer increased interior flexibility, with movable second and third rows to optimize cargo space and legroom as needed. That third row is designed to accommodate children (or small adults) up to five-foot-seven. Meanwhile the image inset above gives us our first glimpse at the new XC90's styling, with T-shaped running lights inspired by Thor's hammer.

2020 Volvo S60 T8 Long-Term Review Wrap-Up | Final verdict

Twelve months of motoring in the 2020 Volvo S60 T8 went by quickly. Our time in Volvo’s sharp, plug-in hybrid sedan is over, and itÂ’s time for a final verdict. The S60 saw two entirely different worlds in its time with us. We took delivery in normal days — you know, pre-global pandemic — but most of its tenure here was in a Covid-19 world. That being the case, it didnÂ’t get out and travel the country as much as our long-term test vehicles normally do. Prior to getting locked down, our S60 took trips to Chicago, Buffalo, the northern reaches of Michigan and elsewhere in the region. Even once its extended driveway sessions began, we snuck it away once to the East Coast for a quick back-and-forth summer trip. We limited our car swaps to once a month in an effort to stay away from each other on staff and keep each other safe. That meant that each of us got to spend longer stints than usual in the driverÂ’s seat — our normal routine wouldnÂ’t have encouraged this behavior pre-coronavirus. It was more like a true ownership experience, which is exactly what we aim to convey with long-term tests. We plugged it in every night, utilized the Volvo smartphone app to track it and integrated the car more fully into our lives. The odometer reading sat at 16,866 miles in the end. A great number of those miles were done under electric power, thanks to the carÂ’s 22-mile electric range when fully charged — our range testing saw it meet or exceed that figure if driven with a light foot.  And since the car was sitting at home so often, it was working with a full charge in most circumstances. Long highway trips saw us match the carÂ’s combined mpg rating of 30 mpg. Most fill-ups would return a much higher effective mpg number, though, as all the electric motoring helps it along. Folks with shorter commutes should take notice, as S60 T8 ownership will greatly reduce the number of necessary fuel stops. Due to the VolvoÂ’s long 10,000-mile maintenance gaps, it only needed to make one regular dealer stop in our time. Besides that, there were two other trips to the dealer. We had recall work done — there was an issue with the automatic emergency braking system — before the first regular service. And a sunroof snafu was the carÂ’s second and last unscheduled trip to the shop. Read on below for all of our final impressions on the 2020 Volvo S60 T8. 2020 Volvo S60 T8 View 15 Photos Road Test Editor Zac Palmer: The S60 T8 is a slightly sporty sedan, but itÂ’s no sports sedan.