The owner of Volvo Car reduced the funding it sought during the IPO process from 25 billion crowns to 20 billion crowns (2.3 billion dollars). The autobomil manufacturer, owned by Chinese Geely Holding, announced in a statement that they set the price per share as 53 crowns.
Difficulties with the valuation of electric sports car maker Polestar, a subsidiary of Volvo, have dampened investor appetite for the company, Bloomberg reported.
Volvo plans to establish a battery factory in Europe, while aiming for all the vehicles it sells to be electric cars by 2030. The company aims to increase its production capacity with the income it will gain from the public offering, and to double its annual car sales to 1.2 million by 2025.
Volvo was the first buyer of steel produced without using fossil fuels.
Swedish steelmaker SSAB has announced that it has produced the world's first fossil fuel-free steel and the transfer of the produced steel to Volvo has begun.
The company, which is working to use hydrogen in steel production rather than coal within the scope of the "Hybrit" project, stated that with this development, it has been proven that carbon emissions from steel production can be reduced globally.
After SSAB started the construction of a pilot fossil fuel-free facility in Lulea, Sweden, as part of the project in 2018, sponge iron is produced by reduction method in iron ore thanks to the green hydrogen produced by the electrolysis method. Afterwards, these sponge irons are mixed with scraps to produce steel.
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