The Swedish car manufacturer Volvo Cars will be taken to the Stock Exchange in Stockholm, the company announced on Monday. This will raise a sum of SEK 25 billion (about EUR 2.5 billion).
The Swedish company wants to use the proceeds of the stock sale to invest in electric cars and wants to have a full electric supply by 2030.
Volvo Cars is owned by the Chinese car company Zhejiang Geely. The IPO is due to take place later this year and could become one of the largest in Europe this year. Geely will remain a major shareholder after that step.
In 2010, the Chinese company bought Volvo Cars from Ford Motor for an amount of around 1.4 billion euros. There has been speculation about a move to the Volvo Cars stock market for some time.
Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.