本文內容來源：鈦媒體英文站
Credit：Visual China
Geely said it decided to release more of its holdings of Volvo Cars and it will hold a 78.7% stake in the the Swedish company, down from the current 82% stake, when the transaction completes. Geely’s decision was made amid complaints from analysts and investors over Volvo’s small free float, which has weighed on the stock and boosted high trading volatility. The sales is in accordance to Geely’s long-term strategy to enhance the value of through an increase of liquidity and offer more opportunities to generate sustainable long-term value for institutional and retail investors, according to a statement of China’s largest private-owned automotive group. It also suggested the sales will achieve a win-win result as proceeds will be used to support its own global business development.
Geely stressed its commitment to investment in Volvo. “As the majority shareholder, we remain steadfast in our commitment to continue our support of Volvo Cars on its transformation towards becoming a fully electric carmaker, and we look forward to continuing this ongoing global success story,” said Geely CEO Daniel Donghui Li. Volvo CEO Jim Rowan expressed gratitude to Geely and noted the sales can increase the public float and improve trading liquidity, which will benefit both new and existing investors and widen base of shareholders to invest his company.
Geely didn’t disclose the deal size or the specific trading price per share. Reuters reported the Chinese shareholder launched a placing of 100 million Volvo shares. It also cited the deal’s bookrunners that these shares were sold at around 37 krona apiece, or totally US$350 million, representing a deep discount to the previous day’s close of 40.84 krona.
Besides Volvo, Geely holds two other European auto brands including Lotus Technology and Aston Martin. Under Geely’s management since being acquired from Ford in 2010, Volvo has experienced significant growth globally in the last decade, expanded its global manufacturing footprint, achieved record volume sales, and embarked on an ambitious transition strategy to full electrification, according to Geely.
Geely CEO Li called Volvo one of the world’s fastest-growing carmakers and most iconic vehicle brands. The shares sale came as both Volvo and Geely itself are ramp up their electric vehicle (EV) efforts.
Geely reached a deal with French automaker Renault to establish a new joint venture to develop gasoline engines and hybrid technology for automobiles, with a total investment up to 7 billion euros. The two companies will equally hold the venture and initially set up two operational centers for it: Madrid for Renault and Hangzhou Bay for Geely, while its executive team will be based in its headquarters in the U.K. The venture is expected to first supply to Renault, Geely and many other multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. It will also be capable of serving third-party car brands with powertrain technologies and will welcome partners to further strengthen the value chain.
Volvo earlier this month launched the EM90, its first luxury electric van in Shanghai. The model empowered by batteries will have a range of 738 kilometer (km) (about 459 miles), according to China’s CLTC driving cycle tests, and independent analysis suggested it will give a range of about 664 km for the WLPT test used in Europe. That outweighs the estimated 600 km from the EX90, Volvo’s flagship electric SUV. With the 111-kilowatt-hour battery made by CATL, the EM90 can be recharged from 10 to 18 percent in 28 minutes. EM90 is the third full-electric model Volvo rolled out in the past 12 months, followed by the EX90, which started a new era for the Swedish brand last November, and the EX30 small SUV in June.
本文內容來源：鈦媒體英文站
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