Winter arrived earlier than expected for Volvo Car this month. Investors gave an icy reception to recently-mooted plans from owner Geely for a $30bn IPO valuation.
Volvo’s ambitious expansion into electric vehicles was given no greater credence than that of any traditional automaker. This was compounded by political worries prompted by Chinese ownership. These include the question of whether Volvo will remain based in Sweden.
Geely engaged reverse gear, agreeing to modify the share structure and crucially lower the valuation to $18bn. That prices Volvo around 9 times forward earnings.
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