On October 29, Volvo cars announced its listing on the Stockholm Stock Exchange (part of The Nasdaq Group). The offering of Class B ordinary shares at Skr53 per share, trading under the ticker "VOLCAR B", was well received by global institutional investors and the public and was heavily oversubscribed. At 3pm Beijing time, Li Donghui, CEO of Geely Holding Group and Director of Volvo Cars, and Hanken Samuelson, CEO of Volvo Cars, jointly rang the opening bell, marking the realization of Volvo Cars' 10-year transformation and the opening of a new chapter in its development.

Volvo CEO Hanken Samuelson rings the bell

On March 28, 2010, Geely Holding Group and Ford Motor Group signed a 100% equity acquisition agreement for Volvo Cars, announcing that Volvo cars would "return to the mountain" to stimulate its own strong endogenous capacity and restore its former glory. Geely thus became the first multinational company in the Chinese auto industry.

Signed acquisition of Volvo cars in 2010

Over the past decade, Geely Holding Group has fully supported the transformation and development of Volvo Cars, consolidated Volvo cars' status as a luxury brand, improved the company's profitability and realized the brand Renaissance. Volvo's global sales doubled and China became its second-largest home market, fivefold from a decade ago, while sales in Europe and the US rose across the board. In 2020, the global sales volume reached 661,713 vehicles, and the market share steadily increased. Volvo cars reported record sales and revenue in the first half of 2021.

As the world's first luxury car company to release a comprehensive electrification strategy, Volvo Cars represents geely Holding Group's determination to electrify. Volvo aims to become a global climate zero load benchmarking enterprise by 2040. At present, Volvo cars has achieved the goal of electrified all its models, successfully promoted the electrification and intelligent transformation, and consolidated its leading position in the field of safety and environmental protection.

Li Donghui, CEO of Geely Holding Group and director of Volvo Cars, rings the bell

Over the past decade, Geely and Volvo Cars have strengthened cooperation in research and development, procurement, powertrain, manufacturing and other fields, exerting a good synergy effect and becoming a model of collaborative development in the industry. The two parties jointly established geely European R&D Center and jointly created lynk, a new global high-end brand. Within five years, Lynk has gained more than 570,000 users. Geely Holding Group and Volvo Cars jointly set up premium electric car brand Star, has announced that it will be listed on the NASDAQ stock Market through SPAC form.

Li Shufu, chairman of Geely Holding Group and Volvo Cars, said: "Geely holding group will continue to the identity of major shareholders written Volvo global development success stories, continue increasing innovation investment of Volvo cars, strengthen personnel training, give full play to the science and technology ecosystem effect of geely holding group, to promote its brands services each market segment, mutual respect, cooperative development, occupied the commanding heights, "We are committed to supporting the sustainability of Volvo Cars, a legendary brand."

Today's listing is not the end of the road, but a new starting point for better development of Volvo Cars. Li Donghui, CEO of Geely Holding Group and director of Volvo Cars, said: "Volvo Cars is one of the fastest growing luxury car companies in the world with a promising future, and we welcome global investors to participate in the company's development and share in the results. "This listing is another important milestone in the company's development. Volvo Cars will seize the historic opportunity of the electrification and intelligent transformation, maintain the momentum of accelerated development, and provide personalized, sustainable and safe mobility for users."