LONDON: Swedish automaker Volvo said Monday it plans to raise at least 25 billion kroner ($2.9 billion) by selling shares to fund its electric vehicle transformation strategy. Volvo plans $2.9-B IPO to fund EV ambitionsVolvo Cars and its parent company, Chinese carmaker Geely, have applied to hold an initial public offering on the Nasdaq Stockholm, with shares expected to start trading before the end of the year. The money raised from the initial public offerings (IPO) will help fund Volvo's lofty ambitions. Volvo's plans also include selling more directly to customers and it aims to have half of all sales come from online channels by mid-decade. Volvo's sales tumbled in September, falling 30 percent to 47,223 from the year before, according to monthly sales figures released Monday.

Source: Manila Times October 11, 2021 15:09 UTC