Source: The Verge
Recently, Swedish luxury car maker Volvo publicly announced its IPO plans. The company hopes to raise more capital to accelerate its electrification transition.
Previously, it was rumored that Volvo's joint venture with Geely, Polestar, would go public through a merger with a special purpose acquisition company. However, Volvo ultimately opted for a more traditional approach - an initial public offering on the Nasdaq Swedish exchange in Stockholm. Volvo said the IPO aims to raise about 25 billion Swedish kronor (about $2.86 billion) to accelerate its plans to phase out fuel powered vehicles in a bid to transform itself into an all-electric car company by 2030.
Volvo launched its first battery electric car, the XC40 Recharge a year ago and plans to launch the new all-electric C40 Recharge later this year, while Volvo's another electric SUV, the XC90, is scheduled to debut in 2022 at the earliest.
Volvo Announces Plans for IPO to Accelerate Its Electrification Transformation