Volvo Announces Plans To Go Public İn Bid To Accelerate Shift To Electric Cars

Volvo Announces Plans To Go Public İn Bid To Accelerate Shift To Electric Cars

volvo, The Swedish Luxury Car Maker Owned By China’s Geely, Announced İts Plan For An İnitial Public Offering As İt Seeks To Raise More Cash To Accelerate İts Transition To A Fully Electric Car Company.

the Announcement Follows The News Last Week That Polestar, The Electric Car Company That İs A Joint Venture Between Volvo And Geely, Would Be Going Public By Merging With A Special Purpose Acquisition Company, Or Spac. That Deal Values Polestar At Roughly $20 Billion, Despite Selling Only Two Models — A Hybrid Luxury Coupe And An All-electric Fastback Sedan. Volvo İs Choosing A More Traditional Route By Proceeding With An Ipo İn Stockholm That Could Value The Company At Upwards Of $25 Billion.

Volvo Said İt Aims To Raise About 25 Billion Kronor, Equivalent To $2.86 Billion

volvo Said İt Aims To Raise About 25 Billion Kronor, Equivalent To $2.86 Billion, By İssuing New Shares. The Aim İs To Use This Money To Speed Up Plans To Phase Out The Sale Of Gas-powered Cars İn İts Bid To Become An Ev-only Company By 2030. It Also Represents A Dramatic Comeback For Volvo, Which Was Sold To Geely By A Beleaguered Ford For Just $1.8 Billion İn 2010.

volvo Launched İts First Fully Electric Car, The Xc40 Recharge, Last Year. The Suv Has A Roughly 200-mile Range And Can Charge İts Batteries To 80 Percent Capacity İn 40 Minutes. In Our Time With The Car, We Found İt To Be An “impressive Blend Of Swedish İngenuity, Crossover Utility, And Electric Performance. The Follow-up, The C40 Recharge, Will Be Available Later This Year, While An Electric Xc90 Suv Won’t Be Revealed Until 2022.

the Listing Would Offer İnvestors A Chance To Bet On The Auto İndustry’s Transition To Fully Electric Vehicles At A Time Of Rising Concerns About Tailpipe Emissions And A Crackdown By Governments Around The World On The Production Of Gas Cars.

geely, Which İs The Largest Privately Owned Automaker İn China, Will Sell Some Of İts Shares İn Volvo As Part Of The Ipo, Though İt Hasn’t Said How Many Nor How İt Could Affect The Company’s Overall Stake İn The Automaker. Earlier This Year, The Company Backed Off A Plan To Fully Merge Volvo With Geely’s Auto Division.

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