LONDON (Reuters Breakingviews) - ROAD HOGS. Zhejiang Geely’s latest motor trip could be even more bumpy than the last one. On Wednesday, the Chinese automaker said it was considering a separate listing for its Volvo Cars unit, an idea founder Li Shufu scrapped in 2018 when investors balked at his mooted $30 billion valuation. After last month applying the brakes to a full merger between the two companies, Geely reckons a revived initial public offering could value the brand at $20 billion, Bloomberg reported. Even that looks souped up, though. Assume Volvo’s net income next year returns to the $1.1 billion it made in 2019, before the pandemic, and apply German rival Volkswagen’s, 9.5 times multiple. The Swedish brand might have an equity value of $10 billion. True, investors may be prepared to pay a little extra for Volvo’s heady goal to only sell battery cars by 2030. But Geely investors still hoping for a luxury ride should again brace for disappointment. (By Christopher Thompson)