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Autos

Volvo Cars to review options including IPO, Geely says

FILE PHOTO: Workers are seen on a production line for Polestar, Volvo and Lynk&Co vehicles at a Geely plant in Taizhou, Zhejiang province, China July 29, 2020. Picture taken July 29, 2020. REUTERS/Yilei Sun/File Photo

BEIJING (Reuters) - China’s Zhejiang Geely Holding Group said on Wednesday its Volvo Cars would explore capital market options including a potential initial public offering (IPO) and stock market listing.

Geely bought Volvo Cars from Ford Motor Co in 2010. Geely’s Hong Kong-listed unit Geely Automobile and Volvo Cars scrapped their full merger plan in February.

Geely’s revived consideration of an IPO for Volvo Cars could value the business at around $20 billion, Bloomberg reported on Wednesday citing people familiar with the matter.

A Volvo Cars spokeswoman said the firm would not comment on speculation.

Reporting by Yilei Sun, Helena Soderpalm and Tony Munroe; Editing by Andrew Heavens

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