Volvo: Plans $2.9B IPO to fund on electric vehicle

Volvo: Plans $2.9B IPO to fund on electric vehicle

Swedish automaker Volvo said it plans to raise at least a 25billion kroner (USD2.9 billion) by selling shares to fund its electric vehicle transformation strategy.

Volvo and its parent company, Chinese carmaker Geely, have applied to hold an initial public offering on the Nasdaq Stockholm.

The money has been raised from the IPO will help to make funds for Volvo's plan of becoming an all-electric car company also to expand further into online sales.

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Volvo Cars are based in Goteborg, Sweden, but has been owned since 2010 by Geely, one of China's biggest independent automakers.

In the period of shortage of semiconductors, the company is still moving ahead with the share sale.