Volvo Cars, the Swedish automaker owned by China’s Geely Holding, is finalizing plans for an initial public offering, according to a report by The Wall Street Journal on Sunday.
- The Swedish automaker is set to announce the details of the listing as early as Monday, in an agreement that could value the carmaker at nearly $25 billion.
- A listing would represent one of the car industry’s most dramatic comebacks. Ford Motor Co., hampered by the global financial crisis, sold the Swedish company to Geely for $1.8 billion in 2020.
- Volvo has long cashed in on a brand recognized for safety, but at the time of its purchase, its product lineup had failed to interest car buyers.
- Geely financed Volvo’s recovery over the next 10 years, opening China as a market for the brand and offering financing to assist the company to revive its model offerings.
Currently, Volvo is profitable, with a framework for electric-model rollouts that is way ahead of certain competitors. Its brand is coming back in the US and other markets. Volvo up +0.36%