Volvo raises $215 million in bond issue months following failed IPO

Images of Volvo Concept 40 Series EV Electric

Sweden’s Volvo Cars has raised some 2 billion Swedish crowns ($215 million) in a bond issue just five months after the Chinese-owned carmaker terminated plans for a stock market flotation, blaming trade tensions and a downturn in the sector. Carmakers like Volvo face heavy expenditure in developing electric and driverless cars, just as diesel engines […]

Volkswagen purchases WirelessCar for $122 million


Volkswagen (VW) is purchasing a controlling stake in Volvo’s WirelessCar, a digital service developer skilled in connected driving, for 1.1 billion Swedish crowns ($122 million), the companies stated on Wednesday. The automaker said WirelessCar technology would further its mission of developing value-added services for consumers by allowing safe and stable data exchange between operating systems […]

Volvo is not thinking of diesel car retrofits in Germany

Volvo XC40

Volvo is not thinking of any hardware retrofits for diesel vehicles in Germany, a company spokeswoman stated on Monday, rejecting a report by Germany’s Der Spiegel magazine that included that the Swedish automaker was mulling that option. “They’re drawing the wrong conclusions,” the spokeswoman stated. Volvo is following the discussion in Germany, she stated, including: […]

Daimler declines Geely offer to buy stake but Geely is still positive

Daimler logo

Daimler has declined an offer from China’s Geely to take a stake of approximately 5 percent by means of a discounted share placement, as the German automaker has long hesitated to see existing shareholdings diluted, sources with understanding of the discussions stated. A stake of that size valued at $4.5 billion at current market value. […]