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Volvo Cars to Explore Possible IPO

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A Volvo assembly line in Gothenburg, Sweden. The company also extended the contract of its CEO.



Photo:

jonathan nackstrand/Agence France-Presse/Getty Images

BERLIN—Volvo Cars, the Swedish auto maker owned by Zhejiang Geely Holding, said Wednesday that it is exploring a potential listing on the Nasdaq Stockholm index through an initial public offering.

The company said a final decision to proceed with a listing depends on market conditions, saying there was no certainty a listing would proceed.

Volvo Cars has long discussed listing, but Wednesday’s announcement marks its first concrete step toward going public.

“Volvo Cars is especially well positioned to deliver continued growth and harness the full potential of electrification and the delivery of safe autonomous drive functions,” said Geely Holding Chairman

Eric Li.

He said the Chinese company would remain a major shareholder in Volvo Cars if it were to list.

The auto maker also extended the contract of its chief executive,

Hakan Samuelsson,

to the end of 2022. Mr. Samuelsson has long favored a public listing.

Write to William Boston at william.boston@wsj.com

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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