STOCKHOLM: Swedish car brand Volvo announced plans Monday to go public and raise nearly US$2.9 billion as it shifts to making electric vehicles, with Chinese owner Geely remaining its biggest shareholder.
Volvo's image and sales have dramatically improved since then, riding the wave of popularity of SUVs. The company plans to go all-electric by 2030. Geely Sweden -- a wholly-owned subsidiary of Zhejiang Geely Holding Co Ltd. -? intends to remain the company's largest shareholder. Volvo Cars describes itself as one of the world's fastest growing premium automotive companies in terms of both units sales and revenue.Volvo survived the COVID-19 crisis relatively unscathed with sales having already returned to pre-pandemic levels, although it has acknowledged the supply crunch in computer chips affecting all automakers will crimp its growth as well.
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