Volvo Cars has announced it is evaluating the possibility of an initial public offering (IPO) on the Nasdaq Stockholm stock exchange later this year. The Swedish automaker previously floated the idea back in 2018, but concerns about its valuation and trade tensions between the United States and China (as well as Europe) resulted in the plan being shelved at the time.
More recently, Volvo ruled out a full merger with Geely Auto, although if an IPO were to happen, holding company Zhejiang Geely Holding (ZGH) will remain its biggest shareholder. “We have supported the transformation and growth of Volvo Cars for the last 10 years, enabling the company to become a true premium brand with improved profitability,” said Eric Li, chairman of ZGH
“As we look ahead, Volvo Cars is especially well positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous drive functions. After a potential listing, Geely Holding would remain a major shareholder,” he added.
In an official release, Volvo says a public listing would enable new shareholders to be a part of its continued “transformation into a technology driven, fully electrified car brand.” “A potential listing on the Nasdaq Stockholm stock exchange could create an opportunity for global investors to participate in our journey to become a leader in the fast-growing premium and intelligent electric vehicle segment while continuing to deliver on what customers expect from the Volvo brand,” said Håkan Samuelsson, CEO of Volvo Cars.
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