“Volvo Cars is one of the fastest growing high-end car companies in the world, both in sales and turnover,” the company said in a statement, which plans for the first day of listing to be in 2021, without specifying a date. .
The Swedish manufacturer also highlighted that its “unique structure” and its strategy make it “one of the fastest transformers in the global automotive industry, with medium-term ambitions of electrification, sustainability and digitization.”
With their IPO, Volvo Cars and its main shareholder, Geely, aim to access Swedish and international capital markets and diversify their owner base.
Geely Sweden, controlled entirely by the Geely group, wants to remain the Swedish manufacturer’s main shareholder, the statement said.
Volvo Cars CEO Håkan Samuelsson called the operation a “milestone” and a “new chapter” that will help strengthen the brand and accelerate its transformation strategy.
Volvo Cars’ revenue fell 19% during 2020 due to the coronavirus pandemic, which affected demand for vehicles globally.