The Chinese conglomerate is getting rid of a significant part of its stakes in the Swedish capital.
Volvo is one of the most recognized and sought-after manufacturers in the industry. Known around the world for their safety, Nordic engineers have pioneered some important advances in the sector such as the introduction of the seat belt. Their manufacturing quality, as well as the performance of their vehicles, allow them to shine in the premium segment.
However, during its almost 100-year history, the Scandinavian brand has gone through different stages and phases, during which it has not always experienced great moments of success and splendor. In the hands of Ford, for example, the Swedes didn’t have fun and their models didn’t hit the mark.
It was in 2010 that it began to raise its head, with the takeover of the Chinese group Geely, which acquired 82.1% of its shares. An operation which was carried out for a value of 1.8 billion dollars. It was then that the company entered a new era, uniting its efforts in the field of electrification. They are now facing the biggest range renewal in their entire history, starting with the EX90.
After that, Geely sold 3.4% of the company today with an equity value of $350 million. In total, 100 million fewer shares that destabilized the markets, even though the Chinese conglomerate openly acknowledged that it would continue to provide support and technology to the brand. Geely remains the majority shareholder.
“As a majority shareholder, we remain steadfast in our commitment to continue supporting Volvo Cars in its transformation to become a fully electric car maker and we look forward to building on this continued global success,” said Geely Holding CEO Group in a document. , Daniel Donghui Li.