alix: ev maker backed by volvo and leonardo dicaprio, polestar is going public.nsaction will apply a $20 billion enterprise valuation. the polestar ceo joins us. it's been a tough time, so congrats on getting it done. because we are tv i have to ask about leonardo dicaprio. how did that relationship start, how did the conversation evolve. how did that happen? >> will one of the strong stories is sustainability. obviously it's very well-known, it's very important for leo. him investing our company obviously that makes sense to us. guy: couple of things to say. alix is ridiculing me for calling him leo, obviously those close to him call him leo. i bet you didn't expect this to start with a conversation about leo dicaprio. let's talk about the spac. what will you use the money for, how does it help you on your journey? >> it is a very important exciting day. we have two cars on the road. we have established our system in 14 markets. but a big future ahead with three cars coming out of the next three years and expanding into many markets. and of course this growth st

[laughter] kristen: so, volvo is going vegan.t leather in all its cars by 2030. they will shift to a material calleda nordica made from recycled water bottles among other items. volvo says the new generation of car customers are more concerned with ethical and sustainable products. in march they promised to shift to an all-electric vehicle lineup by 2030 as well. what do you think? dan, you probably would like the traditional letter, but are you open to the new? dan: absolutely, i do, but they are making so many new materials now including and i'm sure they will do it with the car. the question, will it be fine, corinthian nordica? [laughter] remember that? i think it is a great idea and terrific. they will probably do seating surfaces that look and feel pretty much just like leather. spencer: and you can rely on volvo to produce really good stuff. i bet it is going to be nice. larry: anything that helps us recycle is a good thing. i did see spencer perk up when kristin said wine corks. all he heard was a wine. what? [laughter] s

volvo cars, that's controlled by china.e are talking about a china connection here in terms of the deal. you have got to understand that polestar is a company already making your calls. unlike others who have gone public through the blank check route. 10,000 cars sold last year. there are a couple of models already available with or to come in the next few years. that's how you get to a $20 billion valuation on the company for sure, when it comes to this deal. the billionaire door brothers and guggenheim, coming together. in july there were reports that the deal was in the works, so you saw the shares jump up and come back down and now that the deals are happening, the shares are pretty much back to where they were around their peak in july. people seeing the deal as a positive when you consider where the shares were originally sold. alix: so, what does happen to the shares when the deal is completed? dave: that becomes the real question. a lot of companies have gone public through this blank check route that haven't done t

. ♪ >>> volvo plans to be vegan friendly by the year 2030.maker says its cars will be leather free by then. it plans to offer bio-based and recycled materials for the interior of its vehicles. officials say they're making the switch for a new generation of customers who increasingly want sustainability-sourced products. o golec byhe same year. >>> on the cbs "money watch," millions of popular baby pillows are being recalled, and a hollywood haunted house is on the market. elise preston is at the new york stock exchange with that and more. good morning, elise. >> reporter: good morning, diane. stock futures are pointing to a lower open after investors showed signs of renewed confidence sending the three major indices soaring. the dow rallied 506, the nasdaq gained 155 points, and the s&p 500 added 53 points closing at its best day since july. >>> parents, you'll want to hear this. the boppy company is recalling 3.3 million of its baby loungers that have been linked to the suffocation of eight infants. the recall involves all boppy newborn loun

next, volvo is going vegan. >> it will be leather free by 2030.teriors, it will be using more environmentally friendly material mean from wine corks and recycled plastic. >>> a big discovery in the american southwest. human foot prints uncovered in new mexico could be 23,000 years old. >> they say that means humans may have arrived here in north america earlier than we thought. long before glaciers from the ice age started melting. >>> next, he has a personal stake. peyton manning has been asking liquor stores to stock his new bourbon. >> he admits he's more of a beer drinker. he says name recognition gets some callbacks. >>> one dog who has heard about that looming toilet paper shortage. >> the owner says he can't stop stealing stuff, like this roll of toilet paper. he also likes to steal all sorts of clothes, from socks to thongs. i mean -- i mean -- >> that before you go there, ♪ or fist bump there. ♪ or... oh! i can't wait to go there! ♪ or reunite there, ♪ start here. walgreens makes it easy to stay protected wherever you go. schedule your fr

volvo announced it will invest $600 million more giving it close to a 50% holding.struct three battery factories and assembly plants for electric pickup trucks. two giant sites in tennessee and kentucky will be the biggest investment in the automaker's history and employ 11,000 workers. the tennessee plant will occupy six square miles. that is the bloomberg business flash. francine: let's get the latest from germany. olaf scholz in the social democrats claimed a narrow victory. he is appealing to the greens to back a coalition. do we have a line on who wants to be the minister for the greens? how far along are we in these negotiations? maria: yes, it is early days but it is coming clear the focus is on the spd led traffic lights coalition. olaf scholz was optimistic, saying he believes the talks will be successful and there will be a government before christmas. in terms of the distribution of the district ministries, a type of government we have not seen in recent german history, that is unclear but we are getting what the government could look like. having a big s

the headline third job for volvo but no mass roll—out yet.r—old children are going to get eight two. and it's or a really big question because it is the 1st of september. rachel. . . , because it is the 1st of september. rachel. ., ., , , ., because it is the 1st of september. rachel. ., , ., ., rachel. that was the plan to offer a third booster _ rachel. that was the plan to offer a third boosterjab _ rachel. that was the plan to offer a third boosterjab over— rachel. that was the plan to offer a third boosterjab over the _ rachel. that was the plan to offer a third boosterjab over the age - rachel. that was the plan to offer a third boosterjab over the age of. third boosterjab over the age of 50. third boosterjab over the age of 50 there — third boosterjab over the age of 50. there was this massive roll—out, -et 50. there was this massive roll—out, get everyone — 50. there was this massive roll—out, get everyone tripled jabbed in time for christmas was now that plan is being _ for christmas was now that plan is being rolled back, it's 500,0

the company backed by volvo and leonardo dicaprio plans to spend $3 million to market.e a look at some markets on here. >> we have some energy stocks making waves. this is curving electricity use on this basis. >> it is some local media talk, how they would ease some of these shortages. how they will do it is another question. the pboc injected the quiddity for an eighth straight day. china is surging from 17% after lisa they had a brutal beating in the past couple of days. quite that sense of euphoria seems to have evaporated to some extent. we have the new leadership election tomorrow and country center to coronavirus measures when they expire there this week. 55% of people in yvonne: china's power crunch is spreading from industry to everyday residence. gdp growth could take a hit. let's bring in our bloomberg intelligence analyst. she is saying it could become the new normal. how serious is this crunch? >> i was saying it could be one of the worst power crunch in a decade in china. there were over 17 provinces including those major gdp engines. they are all announci

breaking news -- potentially nearing of the deal between a spac and the electric carmaker controlled by volvond a chinese car owner. the deal which we were reporting on earlier in september could value the company at $20 billion in debt, a little lower than we had been expecting, but that could be finalized this week. we will continue to watch that story. when timor ahead. -- plenty more ahead. this is bloomberg. ♪ haidi: taking a look at ahead -- taking a look at the dairy sector -- they were torn -- a return to normal trading conditions. a full week extended to the fuel distributor which does not mean there will be a in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. vonnie: you're watching

matter if i am racing motorcycles on a track or driving jeeps or just driving my family around in a volvotion wagon. the vehicle does not matter if you have the wrong tires. that makes all of the difference for your experience, for your safety, for your experience. i am here with nikolai setzer, the ceo of continental. you do a lot of other business. first off, on the tires. tell me what you are showing. i saw something with green stripes and the yellow sidewall, it looks cool. there is dandelions. nikolai: as you referred we are working prominently on increasing grip. the same tire has to be sustainable in the future. a green concept tire, natural rubber with other recyclable materials, which are getting into polyester. 50% of the tire is renewable or recycled. that is what we are showing and we are going farther to increase that. guy: not everyone note -- matt: not everyone knows you can get rubber out of dandelions. this is a weed that you can rub out against you and when it dries out you blow it off. this is an actual source you can use to make tires with rather than the rubber trees?

if this was a volvo and having a detail issue we would expect a recall on the volvo.why don't we put them on stop and figure this out? >> bill: at the company themselves, some sort of government relation that may or may not happen and how a parent helps protect their kid? >> to start with that, i am pro-stricter regulation, i do believe in the regulation so i'd like to see this company innovate. i think one thing that could happen, we see the company doing it, setting up standards to which these platforms need to have x amount of human moderators to match their audiences. what we are seeing right now is they have a very small amount of actual moderators, those are the people who we are now seeing allocated to the rich and the politicians and et cetera. why don't we all get that treatment? we have those humans review their requests in moderation. for every 20,000 users or every 22,000 users, we need to have one human to help with moderation. i think that could be a simple rule that could be created to make the process more democratic and also a lot more transparent, he

volvo announced separately that it will invest up to $600 million more, giving it close to a 50% pollingcebook has halted plans for a special instagram platform for kids under 13 after critics said it would be harmful. the social media giant had said children were currently lying about their age to join instagram. it argued that a designated site with age-appropriate policies and no ads would be safer. facebook says it has not abandoned the idea but it is taking time to consult with parents and experts. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus. manus: thank you very much. coming up on the show, the energy crisis in europe may spell trouble for the rest of the planet. francine lacqua discusses the price of power with the ceo of octopus at nine: 30 a.m. london time on bloomberg to ev, twitter, and youtube. -- bloomberg tv, twitter, and youtube. this is bloomberg. ♪ manus: it's "bloomberg daybreak: europe." i am manus cranny in dubai. the boston fed chief and robert

but my favorite is from the drive, "terrified "new york times" columnist confuses volvo with magicaless car." people are dying. the first death completed report was the death of a man named josh brown. he was driving his tesla and using it on autopilot. we talk about operational domain and all of that, but the ntsb studied it. they found that calling this thing driverless, autopilot, was a problem. adding to the problem is the moniker autopilot. joe and suzy public may conclude from the name autopilot they need not pay attention to the driving task, because the autopilot is doing everything and that's exactly what happened. josh brown was not paying attention. he drove his car under the back end of a semitrailer and shaved off the top of his car and the top of his head. but there have been four of these that we know of, one in china, josh brown i mentioned, walter wong in california. jeremy banner. also elaine hertzberg. she was called by an uber. it was a self-driving test car, and the safety driver was paying no attention. these things don't work yet, and they're certainly not safe

. >> last week 47-year-old george howard was driving a white volvo in minneapolis when he got into at with a man and a blue bmw. both cars then pulled over and when the man in the bmw, 38-year-old luis ortiz got out, police say howard shot and killed ortiz, then sped away. it was caught on surveillance and howard was quickly arrested but we should note two things. one, because of previous convictions george howard was banned from having a gun and two, howard might still have been in jail after being arrested for domestic assault in early august but instead he was released on bond posted by the minnesota freedom fund. the very same group that vice president kamala harris supported in june of 2020. at the time she tweeted "if you're able to chip in now to the minnesota freedom fund to help post bail for those protesting on the ground of minnesota." she then linked to the group's donation site. this group has been criticized for putting violent felons back on the street with the group doesn't appear to care. the format m ff executive director once said, quoting, i often don't even look

, very much -- very simple way of us utilizing that manufacturing footprint that exists within the volvo group. we clearly have that advantage. we can lever it existing footprint, not only when it comes to manufacturing as well as having 500 service points already today and bringing this to the number of 800. this is of course possible because we can use this infrastructure and that exists in a group. we will be producing american cars in america for the american customers. this is as well what will happen over the course of time here in europe. not only for financial reasons or political reasons. it's as well very truly important for a company that takes sustainability serious. it's the most sustainable way of producing cars if you do it close to the market. haidi: that was our conversation with polestar c.e.o. thomasnlat. this is bloomberg. haidi: a quick check of the business headlines. a key backer of china evergrande has reduced its stake in the company further to 4.7%. chinese estates controlled by the family of billionaire joseph lau, sought 130130.7 million shares for $145 millio

compared to nicolai not doing well and polestar part of the volvo brand.will raise a lot of money. rivian raised a lot of money. they have a lot of private investment as well. when you look at ford, gm. fca, they put money. they have got the money and infrastructure and people to know how to build it correctly. the question, will people buy it? we're still looking 2% take. even if they double, they double that incentive for consumers, will they want it? that is the thing we don't know. consumers have limitations. no one wants to give up their freedom. charles: yeah. it just looks like the government will make it where you won't have an alternative. the only thing you will be allowed to sell is ev cars or maybe hydrogen. lauren, thank you very much. >> thank you. >> i want to bring in sylvia jablonski. on top of hydro, high droved again, one of your etfs is a hydrogen etf. you have ballard power. i've been personally waiting 25 years for these stocks to pop. is it going to happen soon? >> it has been a long wait. >> a hell of a wait. >> it's a hell of a wai

first complicates and is a troubling contradiction of the stories that we like to tell and then wait a volvo some new storytelling mechanism a new way of thinking about things that accommodates that and then goes back and forth like that. what i think that whether you approach nature as a list, an ecologist, noted relationships between species somebody like to go out and walk around. there's always these two things present their there is that. isn't that neat and sort of a physical tangible level. in their there is this higher order, what does this all mean man. and in 19th century version of that and the language has changed. the participants in the conversation has changed. but i do think that basic internal dialogue is still going on. they has been for a long time. >> it reminds me a little bit about the idea of the lily. in his idea that lily is a beautiful flower but is more beautiful to botanist and even more beautiful to somebody of studies and more beautiful to somebody is specializes in eight lily and there is no way to approach a full understanding of anything but her understanding

first complicates and is a troubling contradiction of the stories that we like to tell and then wait a volvo some new storytelling mechanism a new way of thinking about things that accommodates that and then goes back and forth like that. what i think that whether you approach nature as a list, an ecologist, noted relationships between species somebody like to go out and walk around. there's always these two things present their there is that. isn't that neat and sort of a physical tangible level. in their there is this higher order, what does this all mean man. and in 19th century version of that and the language has changed. the participants in the conversation has changed. but i do think that basic internal dialogue is still going on. they has been for a long time. >> it reminds me a little bit about the idea of the lily. in his idea that lily is a beautiful flower but is more beautiful to botanist and even more beautiful to somebody of studies and more beautiful to somebody is specializes in eight lily and there is no way to approach a full understanding of anything but her understanding

first complicates and is a troubling contradiction of the stories that we like to tell and then wait a volvo some new storytelling mechanism a new way of thinking about things that accommodates that and then goes back and forth like that. what i think that whether you approach nature as a list, an ecologist, noted relationships between species somebody like to go out and walk around. there's always these two things present their there is that. isn't that neat and sort of a physical tangible level. in their there is this higher order, what does this all mean man. and in 19th century version of that and the language has changed. the participants in the conversation has changed. but i do think that basic internal dialogue is still going on. they has been for a long time. >> it reminds me a little bit about the idea of the lily. in his idea that lily is a beautiful flower but is more beautiful to botanist and even more beautiful to somebody of studies and more beautiful to somebody is specializes in eight lily and there is no way to approach a full understanding of anything but her understanding

volvo announced it will invest up to $600 million, giving a close to a 50% holding.ord and sk innovation are spending more than $11 billion to build three battery factories and an assembly plant in the u.s.. for more of a spring in -- ring in chester. how big of a bet is for making on ev with this investment? reporter: it's a gigantic for the company. it is the largest investment in forward's -- ford's 118 year history. they are not building just one factory. it is a very big deal. haidi: we expect unionized labor? chester: that is a good question. ford is building them in two states that have right to work, which will give the new workers at these plants, 11,000 of them, she opportunity to vote on that. most of ford's current facilities in the u.s. are unionized, but these plants in tennessee and kentucky are possibly candidates for unionization, but that remains to be determined and that could affect the cost of production. it will be interesting to watch. shery: chapter dawson. we will be watching the open in south korea. entertainment linked stocks in south korea

--volvo trucks. the plant director there said i could add hundreds more people right now, i want to hire hundreds more people right now, i cannot. i can advertise everywhere, i can do creative things, offer incentives, but i cannot get people to come and apply for these jobs. i was digging into him, what is the challenge. use the phrase, he said you are in manufacturing, you want to share -- so that manufacturing, not in the warehouse. i think there is a real need, particularly in part commonwealth empire the country where we need good jobs for people. there is a need to get to our guidance counselors, into the schools, earlier than high school, we need to start doing early in middle school as students are thinking about prayer paths, explain the options are available to make the livings doing cool things. most young people do not know much about the workplace. they know what their parents do, they knew would teachers do, they may not know what the spectrum of opportunities are, yet we expect them as

one of the most note yabl notable employers if you see a volvo with the plates, in appalachia.nd they said i want to hire hundreds more people right now, but i can't, i can't-- i can advertise everywhere and do creative things and i can offer incentives, but i can't get people to come and apply for these jobs. and i was kind of digging into had i am what is the challenge, and mr. ginsburg, you said you want to solve it in the manufacturing problem and not in the warehouse, so it's the school system and i think there's a real need and a particular part of my commonwealth and part of the country where we need good jobs for people, there's a need to get to our guidance counselors and into the schools earlier than high school. we really need to start doing it early in middle school as students are thinking about career paths. explain the options that are available to people to make really good livings doing really good things. most young people, they don't know much about the workplace. they know what their parents do, they know what teachers do, because they're with teachers every

. >> let's start with the separation from volvo when it comes to product.design and its a very drive oriented powerful car. it's a different premium position. it's actually sharing the future technology. that is our common ground. the body we build on it is very different. it's a very different suv generally. we're very excited about that. we are our own company. that means different products. it means a company that is on its own two feet. that is connected to our funding story. >> how about the idea of an ipo. have you decided how you want to do it? >> funding, we are exploring all the directions. we are still in the decision process. matt: what about sales, production? how do you want to grow the company? we have heard you might be building in the u.s. >> that's not a maybe. that is fact. that is one of the things where production will be worldwide. we have a very big expansion of markets in europe. this year for example, going to 30 locations in the u.s.. that is us, that is the end of 22. that is unheard of. matt: what sales goals you have? how many un

and my favorite is from "the drive" terrified new york times columnist confuses the volvo with the magic driverless car. and people are dying. the first death that completed the report was the death of a man named josh brown driving the tesla, and using it on autopilot, and we can talk about the operational domain and all of that, but, the ntsb studied it, and they found that calling this thing auto pilot was a problem. adding to the problem is the moniker autopilot and joe and susie public may not be paying attention to the driving task, because the auto pilot is doing everything, and so he paid no attention and drove the car right underneath the back end of the semi trailer and shaved off of the back of the car and his head. but four of them. one in china, and josh brown, and walter wong and also elaine wurzberg who was killed by an uber a self-driving test car, and the safety driver was not paying attention, and these things do not work yet. they are certainly not safe. so that is what i have to show you. this is the end of my road trip. that is my beloved saab. and i really thank you

. >> so you are backed by volvo. 5 to 10 years from now, do you think the manl ority of new cars on the road will be built by new companies like yours or the traditional manufactures who will try to transition to electric >> obviously this is a period of big, big change in the car industry what was impossible is possible because so much things are changing not only because of electric but the mobility, direct consumer business really being digitally connected. this is such a change, it enables newcomers to come and play they will go all electric. it is really more cumbersome to do so. you still have to take care of your eye strain range. this is where a startup and brand-new company can accelerate faster >> the valuation of ev makers has gone through the roof. in terms of valuations in bubble area >> it is a bit ofan art and science to do these valuations we know you do a really good job in the enter prize coming in six times 2023 -- i'm sorry three times 2023 revenue and tesla at 11 times and lose it we are realisti

next up, one automaker, bob, taking going green to another vehicle, volvo, the c40 recharge and willit goes on sale next year. automaker is going completely leather free by 2030, a vegan car. bob: maria, to be first esg compliant. when i was running chrysler we were looking at this type of material because it was -- it had more breathability to it. you want optionality. you don't want to force a customer, you want to give he or she optionality, right, and so if i love leather, now i'm not going the buy that car and that could be a key determinant. i've seen this so many times. you have to look total market for this type of vehicle determine whether the cost you put into it, the capital cost is going to give you return on investment capital. i question it, maria. maria: i'm questioning it as well. absolutely. stay with us. we will be right back. ♪ ♪ ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcas

where union workers at an auto factory are able to sell their cars with a $4,500 tax credit, but the volvo worker in south carolina, the b.m.w. worker in south carolina who don't work at a union factory, their cars don't get the $4,500 tax credit. and bet p.g.m. a unique -- embedding a unique form of bias into this bill just doesn't feel right. or restoring the tax credits for the state and local taxes for millionaires and billionaires across this country and putting that burden back on the backs of working people, middle-class working people. i won't even go into raising the corporate tax from 21% to 28% or 26.5%. i won't go into eliminating for pass-throughs, small businesses, mom and pop increases. i won't get into that because we don't have enough time. i won't get into the raising taxes on individuals. i won't get into the capital gains tax going up. i won't get into that all now. i will say this. the democrats' plans exceeds the american dream that i am able to live right now. i fear that kids stuck in poverty today will be stuck in a cast system of socialism tomorrow. madam presiden

susan: him and also you have shealy and volvo are investors. the suvs and carolina. stuart: 20 billion? susan: one of the models will be made in south carolina. stuart: worth 20 billion. susan: yes. stuart: the dow jones is up 130 meaning there will be solid winners and there are. it's goldman. susan: chevron. stuart: as interest rates go up those guys go up as well. s&p 500, susan? susan: marathon oil, you have all the energy plays up with oil at pricing. stuart: how about the nasdaq winners? susan: marriott international, again the value placed on the nasdaq, travel stocks. no technology. stuart: i know, well they aren't winners this morning for major league losers so far this monday morning and coming up we will talk to a company called red balloon, a job posting website that helps employers looking to hire people no matter what their politics. it's all about taking the woke to work and we are interested in that. speaking about woke company senator rubio has a new bill he hopes to give shareholders more power to fight back against these woke

there is surveillance video that shows he is in his white volvo, another driver in a blue bmw confrontsde of interstate 94. and the victim, he got back in his car. apparently this guy right here punched the victim. and then they got back in their car or maybe it was the other way around. one of them was punching. the victim gets back in his car and then drove into the median. he was pronounced dead at the hospital with a gunshot wound to the chest. steve: unbelievable. brian: here's what the minnesota freedom fund is saying. we are aware of the report of this tragic and fatal shooting in minneapolis earlier this week allegedly involving george howard. an individual the minnesota freedom fund had previously provided bail support. mff believes every individual arrested is innocent until proven guilty. if a judge deems them eligible for bail they shouldn't have to wait because they don't have the same income or access to resources as others. say it to the family of the slain individual. steve: that tweet has since been deleted; however, by the way back machine and stuff like that we have b

that's before we get into heavy trucks, a volvo truck for medium-weight load is about 800,000 poundsmore than a diesel truck. that means you have two options, 1/7, less weight, more deliveries, higher prices, and in places like mine, which means more roads are going to get beat up, dealt with. how about 90 minutes to charge a truck. what does that do to hours of service, what does that do to cost of delivery. these are all real things that exist, and we have to talk about them because i agree to some degree or another, electric vehicles are coming and that's before we talk about, if we're going to expand the grid on resiliency, and reliability, we have had numerous other hearings on, how do you deal with people plugging in their car at night when the sun isn't shining and the wind isn't blowing. these are real consequential things, and i appreciate when my friend congressman mckinley, outsourcing our guilt. we have lithium deposits here, and we talk about the streamlining, permitting and developing like we're going to snap our fingers and do that. that's ignoring 50 years of permitti