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The Board of Volvo Cars has decided to evaluate the possibility of an initial public offering (IPO) of the company on the Nasdaq Stockholm stock exchange later this year. A final decision to list will be subject to market conditions and there can be no certainty that a listing will proceed. It has also decided to extend chief executive Håkan Samuelsson’s contract to the end of 2022.
A potential listing could be a logical next step on Volvo Cars’ capital market journey and would enable new shareholders to participate in Volvo Cars’ future as the company continues its transformation into a technology driven, fully electrified car brand.
“We have supported the transformation and growth of Volvo Cars for the last 10 years, enabling the company to become a true premium brand with improved profitability,” said Eric Li, Chairman of Zhejiang Geely Holding, the parent of Volvo Cars, and Chairman of its Board of Directors. “As we look ahead, 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. After a potential listing, Geely Holding would remain a major shareholder.”
“A potential listing on the Nasdaq Stockholm stock exchange could create an opportunity for global investors to participate in our journey to become a leader in the fast-growing premium and intelligent electric vehicle segment while continuing to deliver on what customers expect from the Volvo brand,” said Håkan Samuelsson, chief executive of Volvo Cars.
This information is information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 18:00 CET 12 May 2021.
This announcement is not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, into or in the United States, Australia, Canada or Japan or any (other) jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement is for information purposes only and are not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy any securities of Volvo Car AB (publ) (the "Company", and such securities, the "Securities") in the United States, Australia, Canada or Japan or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. The Securities referred to herein may not be sold in the United States unless they are registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or are exempt from registration. Any offering of the Securities described herein has not been and will not be registered under the U.S. Securities Act and accordingly any offer or sale of these Securities may be made only in a transaction exempt from the registration requirements of the U.S. Securities Act. Any Securities sold in the United States will be sold only to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act). There will be no public offering of the Securities referred to herein in the United States.
This announcement includes forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all of which are based on the Directors' current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believe", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positioned" or "anticipates", or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the intentions, beliefs or current expectations of the Directors or the Company concerning, among other things, the results of operations, financial condition, prospects, growth and strategies of the Company and the industry in which it operates.
Forward-looking statements contained in this announcement speak only as of the date of this announcement. The Company and the Directors expressly disclaim any obligation or undertaking to update, review or revise the forward-looking statements contained in the announcement to reflect any change in their expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law, rules and regulations.