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Volvo Cars 20 percent higher on first trading day

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Investors send the stock up more than 20 percent on its first trading day in Stockholm on Friday afternoon.

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The Swedish automaker in Chinese hands is finally listed on the stock exchange after years of preparation. Investors value Volvo Cars at 19 billion euros.

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Volvo will raise at least 20 billion kroner (2 billion euros) with the IPO. That money will go entirely to the investments needed to make the switch to electric cars. By 2025, half of all Volvos sold must be purely electric and in 2030 the brand will say goodbye to diesel and petrol engines.

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Earlier this week, Volvo decided that it right at the bottom of the price range to the Stockholmsbörsen. With this, owner Geely was able to draw a line through the ambition to achieve a valuation of at least 20 billion euros for Volvo Cars.

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The Chinese Geely remains by far the largest shareholder in Volvo with 84 percent. Swedish pension funds ensured a solid floor in the IPO by already subscribing to 70 percent of the shares. But Swedish private individuals were also clamoring for a piece of the automaker: more than 200,000 people signed up.

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Half of Volvo’s stock market value is accounted for by Volvo’s 50 percent interest in the electric sports car brand Polestar. That will travel to Wall Street via an empty stock shell next year and would be valued at at least $ 20 billion.

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Largest IPO of the year

Volvo’s IPO was the largest IPO in Europe this year with an introductory price of 53 Swedish kronor and a valuation of 15.8 billion euros.

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Volvo Cars’ second largest factory is located in Ghent. The 6,700 people who work there produce the popular XC40 SUV, one of the best-selling cars in our country. In addition, the Ghent factory started production of the fully electric C40 Recharge earlier this month.

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battery factory

The Ghent factory is also in the race for the battery factory that Volvo is planning for its two European car plants. That factory should be able to make 300,000 to 400,000 car batteries per year by 2026 and will provide about 3,000 jobs. Volvo will decide where the battery factory will be located in the first half of next year at the latest.

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The Swedish stock exchange now has two Volvos: the truck manufacturer Volvo and the car manufacturer Volvo Cars.

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