Hints and tips:
...Geely is “much more of a natural holding company” for Polestar, Volvo Cars’ chief executive Jim Rowan told the Financial Times on Thursday....
...After the sale completes, its shareholding in Volvo will be 78.7 per cent....
...Geely Holdings said it sold about 2.8mn vehicles across its brands last year....
...Greetings from Washington, where the cherry blossoms are blooming, the skies are clear — and the IMF and World Bank are holding their spring meetings this week....
...Volvo, which listed last year, is still backed by China’s Geely, which under chair Li Shufu has built up controlling stakes or holdings in an array of automotive companies including British sports car brand...
...Polestar sold 10,000 vehicles last year compared with 662,000 for Volvo. People close to Volvo had initially indicated that Geely was looking for a valuation of more than $30bn....
...If the overallotment option is exercised in full, Volvo’s free float should be about 14 per cent....
...But Volvo’s listing comes as tensions grow between China and the US and parts of Europe....
...A float of Volvo Cars will provide a large return to owners Geely, which bought the ailing company for $1.8bn from Ford in 2010....
...Volvo’s early announcement of an agreement suggests it is clearing the decks for a listing on the Nasdaq Stockholm stock exchange. The IPO is expected to value Volvo at about $20bn....
...“There’s only one factor holding back a customer: where in the hell do I charge this car?”...
...Plus it has the backing of Volvo Car Group and the Chinese car manufacturer Geely, which are majority owners....
...Volvo declined to comment on its current potential valuation....
...The company will begin making an electric sport utility vehicle at Volvo’s South Carolina facility next year....
...The two businesses, owned by Geely holding company, said on Wednesday they will combine several functions while remaining separate, including joint software development and procurement....
...“The price we pay for not realising that growth is huge,” added Svanberg, who is also chair of Sweden’s AB Volvo and has led European giants such as Ericsson and BP....
...“We want to have a strong customer relationship with the people directly using the car,” said Volvo Cars chief executive Hakan Samuelsson....
...Geely Auto is controlled by the Geely holding company, which owns Volvo Cars outright as well as a stable of automotive brands that include Lotus, Proton and the black taxi-maker LEVC....
...This case, however, would require both more diplomacy and creativity than Lauria’s trademark bomb-throwing....
...The company, the listed division of the Geely Holding group, which owns Volvo Cars, is a near 10 per cent shareholder in Daimler and has aspirations to be China’s first truly global carmaker — weathered...
...Volvo Cars underlined that any combination would keep “the distinct identity” of the Volvo, Geely, electric Polestar, and start-up Lynk & Co brands....
...While its interest in Pearson stretches back several years, Cevian has purchased the bulk of its holding, now worth about £230m, since the outbreak of coronavirus....
...Until this announcement, these brands, which are mostly owned by Geely’s unlisted holding company, have been a loose association that involves some technical co-operation....
...Volvo makes just over 600,000 cars a year, while Geely makes about 1.5m....
...Ayala’s own history dates back to Spanish colonial rule in 1834, and its holdings range from telecoms company Globe to the lender BPI and Palawan island’s upscale El Nido resorts....
International Edition