Geely sold part of Volvo's stake and cashed out $350 million!
Fast Technology reported on November 19 that on November 17, Zhejiang Geely Holding Group issued an announcement on reducing its holdings of Volvo Cars, with a reduction ratio of 3.3%, and Geely Holdings' shares in Volvo Cars decreased from 82% to 78.7%.
Geely Holding also explained the reason for the reduction in the announcement: to further enhance the value of Volvo Cars and provide more opportunities for institutional and individual investors.
Decided to release a small stake in Volvo Cars as planned in order to increase its liquidity and create long-term sustainable value.
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According to domestic media reports, Geely Holding reduced its stake in Volvo by 3.3%, worth about $388 million.
Although only a minority stake was sold, Volvo's shares plunged 14% during the day and hit a record low, closing down 11.14% at SEK 36.29.
It is reported that as early as 2010, Geely and Ford signed an agreement to formally acquire 100% of the shares of Volvo Car for $1.8 billion, and Volvo became a brand of Geely Holdings.
In October 2021, Volvo was listed in Stockholm, Sweden, and after the listing, Geely Holding Group successively reduced its shareholding to 82%, which is the second time that Geely Holding Group has reduced its shareholding in Volvo Cars.
