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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.
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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.
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