Geely Automobile released the “Announcement on Volvo Cars’ Shareholding”: In order to further enhance the value of Volvo Cars and provide more opportunities for institutional and individual investors, Zhejiang Geely Holding Group (hereinafter referred to as “Geely Holding”) It was decided to release a small number of shares in Volvo Cars as planned to increase its liquidity and create long-term sustainable value. After the transaction is completed, Geely Holding will still hold 78.7% of Volvo Cars’ shares. The funds obtained from the transaction will be used to support the global development of the group’s sub-brands.
Since being acquired by Geely Holding in 2010, Volvo Cars has expanded its global production layout with the full support of Geely Holding, doubled its sales, and embarked on a comprehensive electrification transformation. In 2021, Volvo Cars was successfully listed on the Nasdaq Stockholm Exchange.
Li Donghui, CEO of Geely Holding, said: “Volvo Cars is one of the fastest growing automakers in the world and the most iconic luxury car brand. Geely Holding will continue to help Volvo continue its global development as a controlling shareholder. success story and fully support Volvo Cars’ smart electrification transformation.”
Luo Wenjin, CEO of Volvo Cars, said: “The increase in public shareholding and improvement in transaction liquidity are beneficial to new and old investors, giving more shareholders and investors the opportunity to invest in Volvo Cars. We are very grateful to Geely Holding and All shareholders have been very supportive.”
