Mexican Media Brands
Volvo Shelves IPO Plans
Volvo Car Corp. has abandoned plans to launch an initial pubic offering, two months after postponing the move because of trade tensions and an erratic equity market.
#economics
Share
Volvo Car Corp. has abandoned plans to launch an initial pubic offering, two months after postponing the move because of trade tensions and an erratic equity market.
CEO Hakan Samuelsson tells Reuters that the carmaker now has “no plans or time schedule” for an IPO. He also rules out the option of raising funds through a sale of convertible bonds, citing a “turbulent” market.
Instead, Samuelsson says Volvo, which is owned by China’s Zhejiang Geely Holding Group Ltd., has other options and reiterates that the company can fund its product and technology programs with existing cash flow.
RELATED CONTENT
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.