2021 October 29, Hangzhou. Zhejiang Geely Holding Group (Geely Holding), China’s largest private-owned automotive group, today welcomed new equity investors to Volvo Cars following the completion of an initial public offering on the Nasdaq Stockholm exchange valuing the Swedish premium automotive group at SEK 158 billion.
Geely Holding, which acquired Volvo Cars in 2010, has overseen a significant increase in the value of its Scandinavian subsidiary in a decade which has seen the automaker expand its manufacturing footprint to include plants in China and the US, achieve record volume sale and to embark of a transition strategy to full electrification.
Eric Li, Founder and Chair of both Geely Holding and Volvo Cars, said: “We are proud of the success achieved by Volvo Cars, which has flourished as part of Geely Holding Group to become the fastest transformer in the global premium segment. By delivering on this strategy as a newly