Volvo has only recently started exhuming itself from its post-recession sales hole and pushing its disastrous fling with Ford into the past. Turning a corner, the company has sold over 470,000 cars so far this year, aided largely by the successes of its XC90 SUV. Operating earnings having tripled in the first half of this year.
Now, the company has raised 5 billion Swedish crowns — $532 million — from the sale of newly-issued preference shares to a group of Swedish institutional investors.
All signs point to a confident company that wants back into the stock market. (Read More…)
Ford is offering a new turnkey GT4 series racecar, meaning ‘Stang owners can now race on a track instead of just strip mall parking lots.
That, Volvo is moving S90 production east, a Texas woman is suing Honda and Takata for almost fatally spraying her with bits of her own car, and Mopar is letting you refresh old cars with new Hemis with a lot less hassle… after the break!
New car brands don’t come around every day, and when they do, they never launch with a real, honest-to-God, physical car at the ready. I should say “almost never,” as Chinese automaker Geely’s collaboration with Volvo has already yielded automotive fruit.
That comes as a relief after the company told us to “think beyond the car.” Sure, Lynk & Co’s marketing hype is still omnipresent, but now there is something tangible to attach it to. (Read More…)
Forget Chevrolet’s cringe-inducing launch of the first-generation Spark — this could be the biggest hipster Millennial marketing/branding effort to date.
Naturally, it’s for an affordable car brand, but with a difference: this brand is completely new and its products have yet to be revealed. Lynk & Co, a new subsidiary of Volvo parent company Geely, launches on October 20, Reuters reports, and it’s clear it wants to be every free-spirited young adult’s first car. (Read More…)
A Utah judge has blocked the sale of Miller Motorsports Park to a Chinese investment firm because county commissioners may have illegally lowered the price to below fair-market value, KSL reported Thursday.
In a filing, Judge Robert Atkins said Tooele county officials tasked with selling the shuttered racetrack ignored higher bids to sell the racetrack for $20 million to Geely-backed Mitime Investment and Development Group. According to the report, county tax officials estimated the value of the track at $28.1 million.
A competing bidder, Center Point Management, said it offered $22.5 million for the park. The Wyoming-based company filed a lawsuit to stop the sale because they said county officials ignored their bid based on unverified promises by the Chinese group. (Read More…)
Automotive News Europe reported that Volvo will offer a new compact crossover, based on a new architecture, in 2018 that will likely be called the XC40.
The crossover will be built in Ghent, Belgium and possibly in China, using the same platform being developed for compact cars in Europe.
The crossover will get Volvo power plants that include a hybrid variant. It would also likely get some sort of semi-autonomous driving feature as the Swedish automaker further develops its technology.
Miller Motorsport Park is going to be caught up in a Chinese finger trap of lawsuits thanks to one butthurt losing bidder.
Center Point Management, represented by Andrew Cartwright, is taking the winner — Geely subsidiary Mitime — and Tooele County to court over the bidding process.
According to Deseret News, the lawsuit filed by Center Point Management states the county broke local and state laws by “basing its decision on future benefits of uncertain value” instead of Center Point Management’s higher bid amount.
Miller Motorsports Park in Tooele, Utah (about 45 minutes outside of Salt Lake City) has a new lease on life, Hot Rod is reporting. The racetrack will be purchased by Chinese carmaker Geely and renamed Utah Motorsports Campus. The facility could receive $50 million in upgrades to host more racing events in the future.
The track had been on the ropes after the Miller family, who took over after patriarch Larry H. Miller died in 2009, said they weren’t renewing the lease and walking away from the world-class racetrack. (Read More…)
Volvo will bring its smaller, compact-sized V40 wagon, its related crossover and long-wheelbase, Chinese-built S60 sedan to America, Autoblog is reporting.
The newest generation of the Volkswagen Golf-sized V40 wagon is being built with the U.S. in mind, Volvo senior vice president Alan Visser told media in the Netherlands. The earliest it could reach the United States would be 2017.
Visser also said the XC40, a compact crossover based on the V40 Cross Country, would make its way to the States shortly after the V40.
It’s Leopaard, with two A’s.
Last time we had a look at the 10th to 6th most-impressive Chinese carmakers at Auto Shanghai 2015, it’s now time for ranks No. 5 to No. 2. By now, either the carmakers in question have made tremendous progress compared to last year in Beijing, or they are approaching world class. And we’ll start with the “Most Improved” award.
Chinese Geely is offering up smartphone integration in the most Chinese way possible…by just copying the screen, no matter what the screen orientation. Personal injury lawyers: your Chinese golden egg has arrived thanks to tweaked necks as drivers try to swipe up and down on Tinder.
While Formula 1 fans contend with the new, quieter turbo era — a result of rule changes regarding power for the 2014 season — Chinese Formula 4 fans may be celebrating in the stands next year when Geely-powered competitors roar off the starting line.