May 16, 2018 / 9:14 AM / 12 days ago

Volvo CEO says focussed on electrification, automation regardless of IPO

LONDON (Reuters) - Volvo is working on how to meet the challenges of electrification and self-driving cars and has the funds to do so regardless of whether the firm launches a stock market flotation, its boss said on Wednesday.

Volvo Car Group CEO Hakan Samuelsson speaks during a presentation at the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Pierre Albouy

“We need to address these issues with electrification and automated drive,” Hakan Samuelsson said at a conference in London on Wednesday.

“That is the next step and we are doing that. Listed or not listed really doesn’t change anything for us as a company. We focus fully on that and we have the financial resources right now to be able to do that.”

China’s Zhejiang Geely Holding Group, the owner of Volvo Cars, has hired three investment banks for an initial public offering (IPO) this year that could value the Swedish carmaker in a broad range of $16 billion to $30 billion, a person familiar with the matter told Reuters last week.

Reporting by Costas Pitas, editing by Sarah Young

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