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Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

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Volvo Cars sets IPO price

Revenue rose 16 percent to 92 billion kronor, with the company reporting a 50 percent increase in the number of cars sold in the US. (AFP)
  • The price is at the bottom end of the range that Volvo announced last week
  • The carmaker also lowered the amount it plans to raise by going public from $2.9 billion to $2.3 billion

Swedish car brand Volvo said Monday it has set a fixed share price of 53 kronor ($6.20) for its listing on the Stockholm stock exchange later this week.

The price is at the bottom end of the range that Volvo announced last week — which was between 53 and 68 kronor per share — ahead of its initial public offering (IPO).

In a statement on Monday, the carmaker also lowered the amount it plans to raise by going public from 25 billion kronor ($2.9 billion) to 20 billion kronor ($2.3 billion).

And it said its first day of trading will be on October 29, one day later than previously announced. 

Volvo first said its plans to go public in early October, while noting that China’s Geely would remain the largest shareholder.

The Swedish automaker had been struggling until Geely acquired it from US giant Ford for $1.8 billion in 2010.

Volvo’s image and sales have dramatically improved since then, riding the wave of popularity of SUVs. The company plans to go all-electric by 2030.

Volvo Cars CEO Hakan Samuelsson said in the statement that “the proceeds raised from the IPO together with our strong balance sheet will secure the funding of our fastest transformer strategy and the delivery of our mid-decade ambitions”.