STOCKHOLM — Volvo Automobiles gained 200,000 new sharehpreviousers even earlier than buying and promoting of the automaker’s shares started on Friday in Sweden.
When requested how he felt about having that many new bosses, CEO Hakan Samuelsson said: “The extra the merrier.”
He said the the 94-yr-previous’s agency’s entry onto the Nasdaq Stockholm marks The start of Volvo’s subsequent half, Which might embrace transforming into An electrical-solely mannequin by 2030 and offering the “biggest buyer relations Inside the enterprise” by way of an emphasis on direct-to-shopper on-line gross sales.
“And now We now have The money for it,” Samuelsson joked minutes earlier than ringing the opening bell for the opening of buying and promoting. At that second, Volvo rejoined the commerce for The primary time since 1999. That was the yr it left Volvo Group And have become An factor of Ford Motor. The U.S. automaker purchased Volvo to its current proprietor, Zhejiang Geely Hpreviousing, in 2010.
All by way of an interview after the ceremony Samuelsson said that The subsequent half is “An limitless job.”
Electrical flagship
A pair of of The money genperiodted from the itemizing will go in the direction of is A mannequin new flagship SUV Which will succeed the XC90, Samuelsson tprevious Automotive Information Europe.
The electrical-solely premium huge crossover Is As a Outcome of of be revealed subsequent yr. Samuelsson said in March the automotive would have A popularity pretty than a quantity and letter combination. He gave one other hint right now: The mannequin new automotive’s identify will start with a vowel.
Another extreme-value merchandise the itemizing funds will assist to finance is The worth Of transforming to batteries to power new-period Volvos. Part of That options becoming a member of forces with Northvolt as a strategic halfner for joint enchancment and manufacturing of subsequent period battery cells.
Samuelsson said he appears forward to Sustaining a tally of Volvo’s share worth as he considers it An instantaneous indicator of whether or not his hundreds Of latest bosses really feel The agency’s transformation into An electrical mannequin is On monitor.
“Today, We’re 3 % electric. 9 yrs Finally, we Ought to be One hundred Laptop Pc electric. Now’s when the work actually starts,” he said. “We Want To vary because our consumers are Getting into that course. Do you have to Even have to have people driving Volvos Finally, you greater make them electric.”
Humble and faster
The completion of the itemizing culminated a 180-diploma flip that Volvo made in February when it decided in the direction ofs a merger with sister mannequin Geely Auto.
Volvo Chief Monetary Officer Bjorn Annwall said that the placeas the automaker was assessing the merger it decided that the tempo of change Contained in the enterprise made an preliminary public offering The greater transfer.
“We concluded that It is Tons greater to have an ecosystem than to have A strong-coded group the place You are trying And Sort of have An best 10-yr plan,” Annwall tprevious ANE. “You are a lot faster and extra nimble Everytime You’ve smaller, unbiased mannequins that search collaboration the place it issues however Aren’t pressured to do it when it Does not matter, so let every agency pursue its personal happiness.”
Source: https://europe.autonews.com/automakers/volvo-ceo-life-after-listing-now-work-really-starts