Volvo Cars, a Swedish carmaker owned by Chinese Zhejiang Geely, plans to raise about $500 million from Chinese investors, Financial Times newspaper reports, citing its sources familiar with the matter.
We should remind you that in December 2016, Volvo attracted 5 billion Swedish kronor ($530 million) by selling preferred shares to Swedish investors.
At present, the company is negotiating the sale of an additional package of preferred shares to investors from outside of Sweden, the sources said. According to them, the vast majority of these investors are Chinese and there are sovereign wealth funds among them.
As a reference, Volvo Cars is a Swedish luxury vehicle manufacturer set up in 1927 with an office in Gothenburg.