“We have supported the transformation and growth of this iconic Swedish brand during a period of unprecedented change in our industry,” Geely Chairperson Eric Li said in the statement. “We will continue to support Volvo Cars as a majority shareholder in this ongoing global success story.”
Volvo Car Group AB will look to raise at least 25 billion krona (US$2.9 billion / $3.93 billion) in an initial public offering the company is forging ahead with despite the global chip shortage.
Proceeds will help the Swedish carmaker owned by China’s Zhejiang Geely Holding Group Co fund its shifts to fully electric cars and a direct-to-consumer sales and subscription model, the company said in a statement Monday. Geely intends to remain its largest shareholder.
