2013 Volvo Xc90 - R - Design Sport Utility 4-door 3.2l on 2040-cars

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Volvo to stop funding Polestar, sees stock rise dramatically

STOCKHOLM — Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo's top shareholder China's Geely Holding. The announcement sent the Swedish automaker's stock up more than 30% at market open. The heavy involvement by Swedish-listed Volvo Cars in Polestar, where it owns around 48% of the shares, has been criticised by analysts who see the stake as a drag on Volvo's resources. Like other new EV brands and startups, Polestar has struggled to make headway, particularly since Tesla started a price war last year. The automaker said earlier this month that it had missed its already-reduced delivery targets for 2023. Polestar's shares are down just over 83% since it went public in June 2022 via a merger with a special purpose acquisition company, or SPAC. Volvo Cars said it has considered handing Polestar shares over to Volvo's shareholders, which would make Geely a big direct owner in the brand. Shares in Volvo were up 20% at 0814 GMT, after they soared 32% at market open. Geely in a separate statement welcomed Volvo's decision to focus its resources on its own development. "Geely Holding will continue to provide full operational and financial support to the independent exclusive (Polestar) brand going forward," the Chinese group said. "This support will not require a reduction of Geely Holding shareholding in Volvo Cars," it added. However, the broker Bernstein said it saw a distinct possibility that the Geely ecosystem could sell down its shares in Volvo. Polestar last week said it planned to cut around 450 jobs globally, or about 15% of its workforce, amid "challenging market conditions". It also said in November that it would try to reduce its reliance on external help, publishing a revised business plan, which included getting additional loans from Volvo and Geely. The news could raise questions about the viability of Polestar, which aims to become cash flow break-even in 2025. Some analysts have said it could make more sense to fold Polestar company into Geely. Volvo Cars meanwhile reported a bigger than expected rise in fourth-quarter operating earnings on Thursday, with operating income excluding joint ventures and associates rising to 6.7 billion Swedish crowns ($643.83 million) from a year-earlier 3.9 billion. Analysts polled by LSEG had expected adjusted earnings before tax and interest (EBIT) of 6.5 billion.

Sunday Drive: Volvo hits a crossover home run, and people still love sports cars

Looking back at the week that just was clearly tells us at least three things. First, crossovers don't have to be boring. Second, people still love sports cars, from the attainable (Audi TT RS) to the fanciful (Mercedes-AMG GT C). And finally, the traditional German trio of premium luxury brands had better not rest on their laurels, because credible challengers are coming in from every direction. The biggest reveal of the week, at least judging by the interest of Autoblog readers, was the Volvo XC40. Not only is the little 'ute a looker, it introduces some innovative new buying/leasing schemes designed to appeal to an audience accustomed to trading in and trading up every couple of years. Think of Volvo's flat-fee lease as you would a smartphone contract, and you'll be on the right track. Genesis looks to have a hit on its hands in the form of the G70 sport sedan. We took a Korean-spec model for a spin and found a lot to like about the upstart contender. We can't wait to sample one here in the United States to see how it stacks up against the Audi A4, BMW 3 Series, and Mercedes-Benz C-Class. In other news, we're still really excited to see a production Ford Ranger Raptor. But if you just can't wait for the official reveal — it's OK, neither can we — take a look at the renderings in our post down below. As always, tune in to Autoblog next week for a front-row seat to all the happenings worth following in the automotive industry. Volvo XC40 revealed | Crossover at the crossroads of style and substance 3 ways the Volvo XC40 is a game-changer Genesis G70 First Drive | An arrow to the heart of the Germans 2018 Audi TT RS Drivers' Notes | Five pots of turbocharged honey 2018 Mercedes-AMG GT C Quick Spin | This is the AMG GT you want The Ford Ranger Raptor is real, and this is what it might look like

2023 Volvo XC60 Review: Get the Recharge plug-in hybrid

Pros: Elegant styling and beautiful cabin; excellent plug-in hybrid option; solid value Cons: Middling handling; pricey and strange Polestar performance model The 2023 Volvo XC60 is the bread-and-butter SUV for Volvo since it’s in the very popular compact luxury segment. Thankfully for Volvo, the XC60 is a good, solidly competitive offering and one of our top-recommended choices in that segment. The most enticing part about the XC60 is its superb plug-in hybrid “Recharge” option. With 36 miles of range, a very strong electric motor and tons of power on tap from the gasoline engine, thereÂ’s no luxury compact SUV plug-in hybrid weÂ’d rather have. Of course, many of the XC60Â’s other elements are what make it so desirable. The 2022 update to revamp the vehicleÂ’s infotainment system give it a top-notch suite of tech offerings. ItÂ’s practically impossible to find the exterior styling offensive. Plus, who doesnÂ’t love an elegant Swedish-style interior? You can even get wool upholstery! One of our editors loved the XC60 so much that he actually bought one, so thereÂ’s a true endorsement coming straight from our wallets. Compared to other compact luxury SUVs, the XC60 wonÂ’t carve corners as well as a BMW X3 or Mercedes-Benz GLC. Plus, the Polestar Engineered performance model is a tad questionable considering it doesnÂ’t provide extra power and has manually adjustable dampers — yeah, you have to go twist the knob yourself. Those arenÂ’t exactly dealbreakers, though, and given the spacious back seat and cargo room, comfortable driving characteristics and excellent fuel efficiency, the stylish XC60 is an impossible-to-overlook option. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2023? For 2023, Volvo revamps its trim naming structure. Instead of the familiar Momentum, R-Design and Inscription options, buyers are now faced with Core, Plus and Ultimate. Additionally, the number of options packages are reduced and bundled together. The more important updates happened last year for the 2022 model where Volvo completely revamped the powertrain options, adding a mild-hybrid assist to the B5 and B6 models and providing big upgrades to the Recharge plug-in hybrid. You can read about these changes to the Recharge in our first drive story from 2022.