Volvo $2.9 Billion IPO Marks Key Test in Electric Car Shift
- Offering values Swedish carmaker at as much as $23 billion
- Listing comes weeks after Polestar announced its SPAC merger
A Volvo XC40 Recharge electric SUV at a Volvo Cars AB dealership in Stockholm, Sweden.
Photographer: Mikael Sjoberg/Bloomberg
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Volvo Car AB is looking to raise 25 billion kronor ($2.9 billion) in a Stockholm initial public offering in a test for automakers amid the sector’s transition to electric vehicles.