in

Volvo plans $2.9B IPO to fund electric vehicle plans


Swedish automaker Volvo plans to raise at least 25 billion kronor ($2.9 billion) by selling shares to fund its electric vehicle transformation strategy.

LONDON – Swedish automaker Volvo said on Monday it plans to raise at least 25 billion kronor ($2.9 billion) by selling shares to fund its electric vehicle transformation strategy.

Volvo and its parent company, Chinese carmaker Geely, have applied to hold an initial public offering on the Nasdaq Stockholm.

The proceeds from the IPO will help support Volvo’s plans to become an all-electric car company and further expand online sales.

Volvo Cars is based in Gothenburg, Sweden, but since 2010 has been owned by Geely, one of China’s largest independent automakers.

The company is proceeding with the share sale, even as semiconductor shortages have stymied global auto production.

.



Source link

What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

840c4a40 251d 11ec b7ae 9c2d753d5846

Padma Lakshmi and Jesse Tyler Ferguson enjoy a ‘quiet moment together’ in side-by-side bathtub pics

null

EU regulator OKs Pfizer vaccine boosters for 18 and older