Volvo, the Swedish luxury car maker owned by China’s Geely, announced its plan for an initial public offering as it seeks to raise more cash to accelerate its transition to a fully electric car company.
The announcement follows the news last week that Polestar, the electric car company that is 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 is choosing a more traditional route by proceeding with an IPO in Stockholm that could value the company at upwards of $25 billion.
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Volvo announces plans to go public in bid to accelerate shift to electric cars
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October 04, 2021
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