On Monday, Oct. 4, Swedish car brand Volvo announced its plans to go public as it switched to making electric vehicles. If successful, the deal could value Volvo at about $2.9 billion, making it one of Europe's most extensive listings this year.
Chinese owner Geely will remain the car brand's biggest shareholder. Geely, a wholly-owned subsidiary of Zhejiang Geely Holding Co. Ltd, acquired Volvo from U.S. automaker Ford in 2010 for $1.8 billion. The Swedish automaker was struggling before Geely's acquisition. However, Volvo's image has dramatically improved since shifting its focus to SUVs, which have become popular among consumers in recent years. Volvo currently has plans to create only electric cars by 2030. The automaker has been "teasing" an IPO since 2018.