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Volvo seeks to raise $2.9 billion in initial public offering

Volvo seeks to raise $2.9 billion in initial public offering
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Volvo seeks to raise $2.9bn in Stockholm listing

In an initial public offering the company is forging ahead with despite the global chip shortage.

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Germany reaches target of 1 million electric cars on its roads

Germany reaches target of 1 million electric cars on its roads
PUBLISHED BY
Germany will have 1 million electric cars on the roads this July, though six months later than its set date, according to the country’s Economy Minister Peter Altmaier.
” We will reach our target of 1 million electric cars by 2020, which everyone thought was unattainable, this July, just six months late,” the minister said, reports Reuters.
“More bonuses have been taken up in the first half of 2021 than in the whole of last year,” he added, saying they amounted to 1.25 billion euros. He was referring to the subsidies that most governments offer to people buying electric vehicles. Subsidies were increased during the coronavirus pandemic.

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Volvo to Go Electric-Only And Shift Sales Online From 2030

(Bloomberg) -- Volvo Cars set an ambitious goal to only sell battery cars by 2030, accelerating its plans after sales of electric vehicles surged.The Chinese-owned Swedish brand is rolling out a new lineup of electric cars and unveiled its second battery-only model, the C40 Recharge, on Tuesday. Going one step further than recent rivals’ decisions on EVs, Volvo’s electric vehicles will be available for sale only online, the company said in a statement.“Going electric will strengthen our brand, it means going into a growing segment,” Chief Executive Officer Hakan Samuelsson said in an interview. “Combustion cars are a shrinking segment.”Volvo’s move follows rivals including Jaguar Land Rover, General Motors Co. and Volkswagen AG announcing plans to electrify their offerings. In addition to tough emissions regulation, incredible valuations garnered by EV-only newcomers have been a wakeup call to accelerate the pace of change to survive industry upheaval.The decision also comes days after Volvo and Geely Automobile Holdings Ltd., both owned by parent Zhejiang Geely Holding Co., dropped a plan to merge to instead deepen ties to quicken the pace of development. The pair will share vehicle platforms, software stacks and advanced connectivity, and will hive off their powertrain activities into a separate unit.With the support of its Chinese owners, Volvo has ramped up investment in electric cars since 2017, when it first said it was planning to phase out vehicles that rely on combustion engines. Still, the company has only one fully electric model under its own brand name on the market, the compact crossover XC40 Recharge. In addition, Polestar, which is jointly owned by Volvo and Geely, launched its challenger to Tesla Inc.’s Model 3 in 2019.Volvo has previously said it will plough roughly 5% of annual revenue into research and development, and that amount will be enough to finance the EV push, Samuelsson told reporters. The company sold more than 660,000 cars last year and reported full-year revenue of 263 billion Swedish kronor ($31.2 billion).The C40 Recharge, sitting lower than the XC40 Recharge with a sloping roof, is the first Volvo that’ll have no combustion sibling and will sell online only. It’ll be built on the same platform as the XC40 and feature a range of 420 kilometers (261 miles).The car will enter an increasingly competitive segment, going up against a slew of new battery-powered models such as Audi’s Q4 e-tron Audi, BMW’s iX3 and Ford’s Mustang Mach-E.“A growing segment will always attract newcomers,” said Samuelsson.By 2025, Volvo expects half of the cars it sells to be fully electric and the other half to be hybrids, including so-called mild hybrids that don’t feature a plug. Volvo has been selling cars online as part of its Care by Volvo subscription offering in since 2016.The Care by Volvo concept will now be expanded to include outright sales, with a package for maintenance, roadside assistance as well as insurance. By 2025, about half of all purchases are expected to be made online, said Lex Kerssemakers, Volvo’s head of commercial operations. That’s up from as much as 15% currently in the markets where Volvo offers its subscription service.All online purchases will be completed at a non-negotiable fixed price through Volvo’s own website, while dealers remain as part of the sales, service and delivery process, Volvo said.“This is about bringing the online and offline experience together,” said Kerssemakers. “Set prices will help save people hopping from one dealer to the next.”(Updates with CEO comment in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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Volvo Cars' path to an all-electric future just got bigger, bolder and better

Volvo Cars' path to an all-electric future just got bigger, bolder and better
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Volvo Cars to go electric-only and shift sales online from 2030

Volvo Cars to go electric-only and shift sales online from 2030
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