Volvo has a strong start on the stock market

Chinese carmaker Geely has successfully floated its Swedish subsidiary Volvo on the stock market. The Volvo Car AB share rose by 23 percent to 65.20 kronor on the first day of trading. The first price was already ten percent above the issue price. The company thus raised just over two billion euros on Friday. Geely and Volvo plan to use the money to expand the company into a pure electric car provider. This brings together a well-established Swedish brand and particularly competitive battery technology from China with fresh capital. The Chinese parent company had taken over Volvo in 2010. fin

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