Volvo Car AB

VOLCAR B

SE0021628898

Auto & Truck Manufacturers

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23.42 ^SEK	-1.31%		-1.72%	-27.13%

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Volvo Car Sells Lynk & Co Stake to Zhejiang Geely's Subsidiary For $748 Million

November 14, 2024 at 04:14 am EST

By Dominic Chopping

STOCKHOLM--Volvo Car agreed to sell its 30% stake in Lynk & Co to Zeekr, a subsidiary of Zhejiang Geely, for around $748 million, it said Thursday.

The statement comes after a Chinese state-run media outlet reported earlier Thursday that Geely planned to integrate its premium electric car brand Zeekr and Lynk & Co as part of a restructuring plan.

Lynk & Co was founded in 2017 as a joint venture between the Swedish auto maker and its majority Chinese owner Zhejiang Geely.

Volvo will receive 5.4 billion yuan ($747.5 million) in cash, with 70% payable at closing and 30% plus interest paid one year after closing.

The deal is expected to close during the first quarter of 2025.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

11-14-24 0413ET

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
ZEEKR INTELLIGENT TECHNOLOGY HOLDING LIMITED	23.96USD	+2.26%	+2.57%	5.93B
VOLVO CAR AB	23.42SEK	-1.31%	-1.72%	6.41B
GEELY AUTOMOBILE HOLDINGS LIMITED	14.46HKD	+0.28%	+11.23%	18.66B

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Chart Volvo Car AB

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VOLCAR B: Dynamic Chart

Company Profile

Volvo Car AB is a Sweden-based automotive brand. Volvo Car Group is focused on the design, engineering, manufacturing, distribution and sale of passenger cars, with particular focus on sustainability, fully electric cars and direct consumer relations, including subscription and other new mobility services. Volvo Car Groupâs addressable market is the global premium passenger car market. Moreover, the Companyâs intention is to be a pure electric car company and as a result it is undergoing a shift in its business model to a direct sales model in most of its markets. Volvo Carsâ commitment to electrification also results in the launch of Polestar, a progressive stand-alone electric performance car brand, in which Volvo Cars owns shares. Volvo Cars also holds shares in the automotive brand LYNK&CO, which focuses on young open-minded urban people through a flexible customer offering.

Employees

42,600

Sector

Auto & Truck Manufacturers

Calendar

2024-12-04 - November 2024 Sales and Revenue Release

More about the company