Volvo is getting ready for its initial public offering in Stockholm as the manufacturer is looking for funds to push through with its very ambitious electrification targets. It has announced plans to completely shift to electric vehicles quicker than most manufacturers, by 2030, and it also wants to sell twice as many vehicles as it does today.
So Volvo wants you to buy its stocks for between $6.2 and $7,9, in order for it to raise the equivalent of up to $2.9-billion, which it reportedly needs to continue with its EV push, according to Automotive News Europe. The money will also be used by Volvo to make another important shift by adopting a direct-to-consumer sales and subscription model, in the hopes to also improve its market valuation (which is lower than electric car manufacturers Tesla or even newcomers Nio).
Another Geely-owned brand that announced its initial public offering is Polestar, which made the announcement just over a month ago. However, instead of the Stockholm stock exchange, Polestar will go public in New York, with an initial valuation of $20-million, which Volvo will have a 50 percent share of.
Volvo did make it clear, though, that even after listing, Geely will remain the single largest biggest shareholder. The Swedish automaker’s shares will start trading on October 28 and their expected number is somewhere between 367.6-million to 471.7-million.
The manufacturer’s most recent electric vehicle is the C40, a fully-electric and coupe-like version of the XC40 Recharge. We recently got to drive that vehicle at its launch venue in Belgium and we found it remarkably (and unsurprisingly) familiar and very similar to the XC40 Recharge.
Source:Automotive News Europe
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