A Volvo C40 Recharge photographed in Stockholm, Sweden, on March 2, 2021.
CLAUDIO BRESCIANI | AFP | Getty Images
The CEO of Volvo Cars has told CNBC that the automaker’s shift to electric vehicles is the reason behind its planned listing on the Nasdaq Stockholm stock exchange.
The company wants to raise 25 billion Swedish krona, or $2.9 billion, via the initial public offering, which will be one of the biggest in Europe this year.
In an interview with CNBC’s Julianna Tatelbaum Monday, Hakan Samuelsson was asked why the company was going public now.
“We have a very big interest from investors to invest into EV companies, you see that growing all the time,” he said. “We have said 2030 is our end date for [the] ICE [Internal combustion engine] engine and we of course want to secure that transformation.”
Samuelsson explained that the shift to electric vehicles was “not free of charge.”
“That’s why we are now talking about [the] primary issuing of new shares in around 3 billion U.S. dollars … And that is really to have the financial resources to secure this transformation in the next five, six years. That’s really … the reason for our ‘intention to float’ message,” he added.
“There is no long-term future for cars with an internal combustion engine,” Henrik Green, Volvo Cars’ chief technology officer, said at the time. “We are firmly committed to becoming an electric-only car maker and the transition should happen by 2030.”
This transition comes as major economies also lay out plans to move away from the internal combustion engine.
The U.K., for example, wants to develop a net-zero transport sector by 2050, stopping the sale of new diesel and petrol cars and vans by 2030. It will require, from 2035, all new cars and vans to have zero tailpipe emissions.
Elsewhere, the European Commission, the EU’s executive arm, is targeting a 100% reduction in CO2 emissions from cars and vans by 2035.
On Tuesday, figures released by the Society of Motor Manufacturers and Traders showed that 215,312 cars were registered in the U.K. during September 2021. This represents a decline of 34.4% compared to the same month in 2020, with the SMMT describing it as the “weakest September since 1998.”
In a statement, the industry body said the “ongoing shortage of semiconductors” had impacted vehicle availability.
The SMMT also noted, however, that “September was the best month ever for new battery electric vehicle (BEV) uptake.”
“With a market share of 15.2%, 32,721 BEVs joined the road in the month, reflecting the wide range of models now available and growing consumer appetite,” the SMMT said. The best-selling car for the U.K. market in September 2021 was the Tesla Model 3.
Anker officially launches new SOLIX C2000 Gen 2 power station and bundles with up to 50% savings from $749
Anker has officially launched its new SOLIX C2000 Gen 2 Portable Power Station with up to $1,100 savings, unless you subscribed ahead of time to receive the code that allows for additional savings from the brand’s direct website. For folks who missed out on the early-bird deals, you can pick up the power station on its own for $799 shipped, which is also matching in price over at Amazon. It will normally fetch $1,499 at full price once these launch deals end, with the folks who subscribed and scored the code ahead of time getting an additional $50 off the price for $749 shipped. These are the very first savings of $700 and $750 off the going rate, setting the bar for future deals. Head below to learn more about this station’s capabilities, as well as get the full lineup of bundle deals we’re seeing both from the brand’s website and Amazon.
Coming as a remodeling of the legacy F2000 model, Anker’s new SOLIX C2000 Gen 2 power station brings more power and faster charging within a smaller and lighter form factor. It’s base LiFePO4 battery capacity starts at 2,048Wh and can be expanded up to 4,096Wh with the expansion battery bundle below. Through its 11 output ports (five ACs, one TT-30R RV port, three USB-Cs, one USB-A, and a car port) it delivers up to 2,400W of power that can surge up to 4,000W, which beats out its predecessor by 400W.
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Anker’s SOLIX C2000 Gen 2 comes with six primary recharging methods, including an AC outlet (88 minutes for 100%), a gas generator (88 minutes for 100%), up to 800W of solar input (three hours for 100%), using both AC and solar simultaneously (58 minutes for 100%), your car’s auxiliary port (23 hours for 100%), or with the brand’s new 800W alternator charger.
***Note: The prices below do not factor in the early-bird savings code you should have received by subscribing ahead of this launch, so be sure to use it at checkout for even lower rates!
Get up to $1,116 early Black Friday savings on Tenways e-bike bundles starting from $1,499
Tenways has launched its Early Black Friday Sale, with up to $600 in savings on e-bikes alongside 50% off accessories, including the ongoing $1,116 savings on the AGO X All-Terrain Mid-Drive e-bike that gets a FREE Power Bank (range extender). Among the other deals we’re seeing, you can find Tenways’ CGO600 Pro Lightweight Commuter e-bike (both the chain and belt drives) with $118 in FREE add-on gear at $1,499 shipped – plus, you can add on a Power Bank (range extender) at 50% off on the page. Normally going for $1,899 in full, we’ve mostly been seeing the price taken down to $1,599 since March due to tariff hikes, with occasional falls lower to $1,499 for short timeframes. While we have seen it go lower in the past pre-tariff market, the deal here is a solid $400 price cut lending to a total $518 in savings ($672 if you add the Power Bank) that is the best price we’ve seen in our post-tariff market. You can also score an additional $150 off when buying two e-bikes together, with the usual medical provider, first responder, teacher, or military member discounts available too.
Bluetti offers up to 47% exclusive Halloween savings on its Apex 300 series starting from new $1,349 low
As part of its newly launched Halloween Sale, and running parallel to the ongoing exclusive Pioneer Na(Sodium) power station launch savings, we are seeing lower-than-ever pricing on the brand’s Apex 300 Versatile Power Station and its bundles. Prices start from $1,349.10 shipped for the power station alone, after using the exclusive code 9TO5TOYS10F at checkout(and which only works for this series). It’s been carrying a $2,399 MSRP since releasing in May, though we’ve regularly had exclusive deals for our readers that take significantly more off the tag. We spotted this station previously dropping down the lowest three weeks ago during Prime Day, when it hit $1,394, but that rate is beaten out here by $45, giving you a total $1,050 savings at the best price we have tracked.
Worx’s 20V 10-inch cordless chainsaw gains extended reach with the pole attachment for $130
Amazon is offering the versatile Worx 20V 10-inch Cordless PowerShare Pole/Chainsaw Kit at $129.99 shipped. While it carries a $190 MSRP directly from the brand, it’s been keeping to $158 at full price here, with discounts mostly dropping costs between $140 and $130, though we did spy a one-time drop to $102 back in February. Aside from the early-year deal, you’re getting the next-best price that we have tracked over 2025, with $28 cut from Amazon’s going rate (and $60 off the MSRP).
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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Tesla’s chairwoman said that the automaker might redesign the Cybercab, specifically add a steering wheel and pedals.
Last year, Tesla unveiled the Cybercab, a two-seater electric car without a steering wheel or pedals.
Musk was quoted during the design of the Cybercab:
No mirrors, no pedals, no steering wheel. Let me be clear. This vehicle must be designed as a clean robotaxi. We’re going to take that risk…But we are not going to design some sort of amphibian frog that’s a halfway car. We are all in on autonomy.
Here’s the interior of the Tesla Cybercab:
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The vehicle was one of several new, cheaper electric vehicles that Tesla was developing for its new ‘unboxed’ platform, but CEO Elon Musk canceled the others, believing they wouldn’t be needed with the advent of autonomous driving.
However, Tesla has yet to solve unsupervised autonomous driving, and Musk has been consistently wrong about predicting when it will happen.
Tesla plans to bring the Cybercab to production in 2026, and during Tesla’s earnings call last week, Musk said the Cybercab will account for the bulk of Tesla’s upcoming production growth.
That’s not going to happen if Tesla hasn’t solved unsupervised self-driving.
Furthermore, while federal regulations for self-driving vehicles have been relaxed recently, there’s only an exemption available for 2,500 passenger vehicles without a steering wheel or pedals per manufacturer per year.
Now, Tesla chairwoman Robin Denholm said in an interview with Bloomberg today that Tesla plans to add a steering wheel and pedals to the Cybercab if needed:
“If we have to have a steering wheel, it can have a steering wheel and pedals.”
Tesla is currently setting up Cybercab production at Gigafactory Texas near Austin.
The automaker has framed the vehicle as a cheaper alternative to Model Y for its Robotaxi service.
Electrek’s Take
Just yesterday, I was talking to my friend Bastien, and he called it. He told me he bets Tesla does launch the Cybercab next year, but with a steering wheel and pedals.
Now, let’s be clear. As of today, Tesla’s need for a steering wheel and pedals in the Cybercab is not driven by regulators, as Denholm suggests.
Tesla hasn’t solved unsupervised self-driving as evidenced by the current version of ‘Full Self-Driving (Supervised)’ in consumer vehicles, and its Robotaxi service still has safety monitors.
If Tesla wants to produce and deliver the Cybercab in any significant volume, it would need a steering wheel.
The regulations are just an excuse as of now.
It could change in the future, but for now, Tesla’s technology is without a doubt the limiting factor.
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After securing a new partnership, Lucid Motors (LCID) said it plans to offer the industry’s first “mind-off” Level 4 autonomous EVs powered by NVIDIA.
Lucid plans to offer mind-off L4 autonomous EVs
Lucid launched its first internally developed advanced driver assistance system, DreamDrive Pro, in the Lucid Air in 2021.
Over the past few years, the ADAS system has evolved, gaining new features and capabilities. Most recently, it introduced hands-free driving and lane-change capabilities via a software update released in June.
Lucid said the new capabilities offer a glimpse of what’s to come. The company said today’s landmark initiative puts it on track to offer Level 4 autonomous EVs.
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Through its new collaboration, Lucid plans to deliver the “first Level 4 autonomous EVs for Consumers with NVIDIA. Lucid will integrate NVIDIA’s DRIVE AV into its upcoming midsize EV models to unlock the new capabilities.
Lucid’s midsize crossover SUV (left) and Gravity SUV (right) Source: Lucid
Lucid will use two NVIDIA DRIVE AGX THOR computers with NVIDIA DriveOS for the midsize lineup. The setup will unify all automated driving functions under one centralized architecture, enabling “seamless evolution.”
The company will begin with eyes-on, point-to-point driving (L2++) for the Gravity SUV. Lucid said it aims to offer “the first true eyes-off, hands-off, and mind-off (L4) consumer-owned autonomous vehicle” in its midsize lineup, which is due to enter production later next year.
The interior of the Lucid Gravity (Source: Lucid)
Lucid will also use NVIDIA’s Industrial platform and Omniverse to cut costs, improve manufacturing efficiency, and ultimately, speed up deliveries.
Its new partnership with NVIDIA marks “a pivotal step,” Lucid said on Tuesday, as it embraces a new era of software-driven manufacturing.
Lucid midsize electric SUV teaser image (Source: Lucid)
Lucid told Electrek last year that it plans to launch three midsize EVs on the platform, starting at around $50,000. The first will be a crossover SUV, followed by a more rugged version, while the third is rumoured to be a midsize sedan to go head-to-head with the Tesla Model 3.
We got our first glimpse of the crossover last September after Lucid teased the front end in a blurry photo. The latest gives us a closer look at what appears to be a Tesla Model 3-like silhoutte.
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