Recently, Zhejiang Geely Holding Group (hereinafter referred to as "Geely Holding") issued an announcement to reduce its holdings in Volvo Cars by 3.3%. Geely Holding's share of Volvo Cars held by Geely Holdings dropped from 82% to 78.7%.

Geely Holding stated in the announcement that in order to further enhance the value of Volvo Cars and provide more opportunities for institutional and individual investors, Zhejiang Geely Holding Group (hereinafter referred to as "Geely Holding") has decided to release the Volvo Cars it holds as planned. After the completion of this transaction, Geely Holding will still hold a 78.7% stake in Volvo Cars to increase its liquidity and create long-term sustainable value. The funds obtained from the transaction will be used to support the global development of the group's sub-brands. .

Since being acquired by Geely Holding in 2010, Volvo Cars has expanded its global production layout with the full support of Geely Holding, doubled its sales, and embarked on a comprehensive electrification transformation. In 2021, Volvo Cars was successfully listed on the Nasdaq Stockholm Exchange.

Li Donghui, CEO of Geely Holding, said: "Volvo Cars is one of the fastest-growing automakers in the world and the most iconic luxury car brand. Geely Holding will continue to support Volvo's continued growth as a controlling shareholder. Write a success story of global development and fully support Volvo Cars’ smart electrification transformation.

Volvo Cars CEO Luo Wenjin said: "The increase in public float and improvement in transaction liquidity are beneficial to new and old investors, giving more shareholders and investors the opportunity to invest in Volvo Cars. We are very grateful. Geely Holdings and all shareholders have always provided strong support.”

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Editor: Xu Zhenyu