July 24, 2021, 10:04

    Volvo Cars revs up IPO with China pit stop

    Volvo Cars revs up IPO with China pit stop

    LONDON, July 21 (Reuters Breakingviews) – Volvo Cars has taken a strategic pit stop ahead of a mooted initial public offering. On Wednesday the Swedish car marque announced it would buy the 50% of its Chinese joint venture that it doesn’t own from parent company Zhejiang Geely for an undisclosed sum read more . That will give Chief Executive Hakan Samuelsson full control over its China operations when the People’s Republic relaxes ownership rules next year.

    The deal looks like a canny manoeuvre to rev up the automaker’s stock market value . China accounted for a quarter of Volvo’s total car sales last year. The company’s aggressive electric vehicle targets – Samuelsson aims to phase out gas guzzlers entirely by 2030 – are another reason to raise its China exposure: Jefferies reckons the country will account for nearly half of all zero-emission ride sales this year. Volvo’s IPO advisers have been given a well-timed boost. (By Christopher Thompson)

    Sourse: reuters.com

    Related posts

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies. You can find a detailed description in our Privacy Policy.
    Accept
    Reject
    Privacy Policy