October 18, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Volvo plans $2.9 billion IPO to fund electric vehicle transformation plans

2 min read
, Volvo plans $2.9 billion IPO to fund electric vehicle transformation plans, The World Live Breaking News Coverage & Updates IN ENGLISH
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, Volvo plans $2.9 billion IPO to fund electric vehicle transformation plans, The World Live Breaking News Coverage & Updates IN ENGLISH

Swedish automaker said Monday it plans to raise at least 25 billion kroner (USD2.9 billion) by selling shares to fund its electric vehicle transformation strategy.

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

The money raised from the will help fund Volvo’s plan of becoming an all-electric car company and expanding further into online sales.

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

The company is moving ahead with the share sale even as a shortage of semiconductors has crimped global auto production.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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