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VOLVO CARS TO EVALUATE A POTENTIAL IPO

Date: 18 May 2021 Author Type: Press Release
Author: Volvo South Africa
Source: Volvo South Africa
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The Board of Volvo Cars has decided to evaluate the possibility of an initial public offering (IPO) of the company on the Nasdaq Stockholm stock exchange later this year. A final decision to list will be subject to market conditions and there can be no certainty that a listing will proceed. It has also decided to extend chief executive Håkan Samuelsson’s contract to the end of 2022.

A potential listing could be a logical next step on Volvo Cars’ capital market journey and would enable new shareholders to participate in Volvo Cars’ future as the company continues its transformation into a technology-driven, fully electrified car brand.

“We have supported the transformation and growth of Volvo Cars for the last 10 years, enabling the company to become a true premium brand with improved profitability,” said Eric Li, Chairman of Zhejiang Geely Holding, the parent of Volvo Cars, and Chairman of its Board of Directors. “As we look ahead, Volvo Cars are especially well-positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous drive functions. After a potential listing, Geely Holding would remain a major shareholder.”

“A potential listing on the Nasdaq Stockholm stock exchange could create an opportunity for global investors to participate in our journey to become a leader in the fast-growing premium and intelligent electric vehicle segment while continuing to deliver on what customers expect from the Volvo brand,” said Håkan Samuelsson, chief executive of Volvo Cars.

This information is information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 18:00 CET 12 May 2021.
 
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