Swedish automotive firm Volvo is now valued at greater than $22bn (£16bn) after its shares jumped within the first hours of buying and selling of its market debut.
Volvo, majority-owned by Chinese language agency Geely, supplied up shares in a slice of the corporate on the Stockholm inventory trade on Friday.
Shares jumped from an preliminary 53 Swedish crowns to 66 crowns on Friday.
Volvo boss Hakan Samuelsson stated funds from the float would assist it obtain its purpose to be absolutely electrical by 2030.
US automotive large Ford offered Volvo to Geely for $1.8bn in 2010, which helped flip across the Gothenburg-based model’s fortunes because it rode the wave of recognition of SUVs.
Geely will stay the biggest single shareholder within the carmaker after the general public itemizing.
“Our business is altering and we try to steer that transformation. That’s the reason Volvo Vehicles has an formidable technique to change into absolutely electrical by 2030,” Mr Samuelsson stated on Friday.
“At this time’s itemizing will assist us get there,” he added.
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