Skip to Content

Volvo plans $2.9B IPO to fund electric vehicle ambitions


AP Business Writer

LONDON (AP) — Swedish automaker Volvo plans to raise at least 25 billion kroner ($2.9 billion) by selling shares to fund its electric vehicle transformation strategy. Volvo said Monday that it applied with its parent company, Chinese carmaker Geely, to hold an initial public offering on the Nasdaq Stockholm. The money raised from the IPO will help fund Volvo’s plan of becoming an all-electric car company and expanding further into online sales. Volvo 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. 

Article Topic Follows: AP National Business

Jump to comments ↓

Author Profile Photo

Associated Press


KIFI Local News 8 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content