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Volvo Cars Needed a Chinese Parent to Finally Hit Its Stride

A Volvo XC40 Recharge electric SUV in Stockholm.

A Volvo XC40 Recharge electric SUV in Stockholm.

Photographer: Mikael Sjoberg/Bloomberg
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Welcome to the Hyperdrive daily briefing, decoding the revolution reshaping the auto world, from EVs to self-driving cars and beyond.

Volvo Cars kicked off this week with the news it plans to raise at least $2.9 billion from an initial public offering that will help fund its shift to battery-powered vehicles. The share sale could value Volvo at about $20 billion, according to a person familiar with the matter.