FRANKFURT (Financial Times) -- Chinese-owned Volvo Cars announced its long-awaited plans for an initial public offering on Monday as the Swedish carmaker seeks to capitalize on a rise in premium sales and the growth of its all-electric Polestar brand.
The intention to float on Nasdaq Stockholm could value Volvo Cars above $30 billion, according to people familiar with the matter, with about $10 billion of that figure attributed to the carmaker's 50% stake in Polestar, which is set to go public itself through a special purpose acquisition company at a valuation of $20 billion.
