GELYF - Volvo reports sales decline of 30.2% in September readies IPO to fund EV production

Volvo (OTCPK:VLVLY) reports sales declined 30.2% Y/Y to 47,223 units in September. Sales in Europe fell 41.5% and down 9% in the United States. A global chip shortage over the past year has caused a major delay in manufacturing activity and forced several automakers to scale back output. On YTD basis sales rose 17.2% Y/Y to 530,649 units. The company has applied to hold an initial public offering on the Nasdaq Stockholm valuing the company as high as $25B, with shares expected to start trading before the end of the year. The money raised from the IPO will help fund EV ambitions. The company aims to nearly double sales by 2025 to 1.2M vehicles, half of which will be battery electric cars, and wants its entire lineup to be all electric by 2030.

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Volvo reports sales decline of 30.2% in September, readies IPO to fund EV production