#HakanSamuelsson

Volvo Cars has confirmed months of speculation by announcing that it’s planning to go public on NASDAQ Stockholm. On Monday, the automaker stated that it would be seeking to raise 25 billion Swedish kronor (nearly $2.9 billion USD) via the selling of new shares as a way to fast-track its electrification plans. Those include ensuring half its annual volume being represented by EVs and transitioning the majority of its sales stemming from online orders by 2025.

While the targeted IPO valuation is unknown, prior information coming from Zhejiang Geely Holding Group (Volvo’s Chinese parent company) suggested it was aiming for something in the neighborhood of $20 billion. We’ve also learned that the collaboratively owned Polestar would also be going public, except it will be using the always sketchy special-purpose-acquisition-company merger to help pump the stock.

Volvo Cars’ chief executive, Håkan Samuelsson, believes a ban on gasoline-driven vehicles would be a more effective way to force groups to go electric than continuing to offer subsidies on battery-powered automobiles. The announcement comes as part of the Financial Times’ “Future of the Car Summit,” where Samuelsson will proclaim the internal combustion engine “a technology of the past.”

In related news, Volvo Cars is also in negotiations to merge with China’s Geely Automotive and has renewed its commitment toward becoming an electric-only brand by 2030. The latter issue will also be brought up during Wednesday’s Car Summit, with the CEO praising the United Kingdom’s promise to eliminate the sale of new gasoline and diesel cars that same year.

What miraculously convenient timing.

Volvo Cars will be unable to reach its global volume target of 800,000 vehicles this year. Considering everything that has — or hasn’t — happened in 2020, any automaker that ends the period moving more metal than they did in 2019 should probably have a statue erected in front of their headquarters celebrating a major industrial achievement.

Volvo sold 705,452 units the last time our Earth went around the sun, forcing it to face the music when considering goals in what CEO Håkan Samuelsson calls the “corona year.”

Volvo has decided not to bring any vehicles to AutoMobility LA, the tech-focused preamble to the Los Angeles Auto Show. The reason? The brand says it’s not an auto show, despite the word auto being in the title. Volvo claims the industry is changing and so are the expectations of the people who use them. While this may be true to some extent, many people still expect carmakers to promote their cars and aren’t likely to swayed by mobility jargon or a rotating centerpiece that solidifies Volvo’s narrative.

Earlier this week, we mentioned Volvo’s launch of a social media campaign that includes a photograph of a phone displaying text reading “ this is not a phone.” The gambit effectively built intrigue for the show, but the campaign will continue in LA — resulting in a display featuring “a number of interactive demonstrations of connectivity services, such as in-car delivery, car sharing, [and Volvo’s] vision for autonomous driving.” But no cars.

Whereas the Teutonic Trinity of Audi, BMW and Mercedes go for complexity in their offerings, Volvo aims to attract luxury consumers through simplicity.

Hakan Samuelsson, CEO of Volvo Car Corp. told the Automotive News World Congress that Chinese built Volvos will be exported “fairly quickly” to the U.S. market. Samuelsson wouldn’t say exactly when but he did say that because of Volvo’s Chinese ownership the company is in a unique position to use China as an export base. Zhejiang Geely Holding Group purchased Volvo from Ford Motor Co. in 2010.