Swedish premium automaker Volvo Cars is looking to go public in the United States by the end of 2021.
Confirming the news, Volvo Cars CEO Hakan Samuelsson stated that the company has laid out an elaborate road map to becoming a fully electric vehicle manufacturer by the year 2030.
This includes additional plans to sell around 600,000 battery electric vehicles and establish a European battery Gigafactory by 2025 and 2026 respectively.
Earlier this year, Volvo Cars had abandoned merger talks with its parent, Geely Automobile. The Chinese automotive giant had announced in March that Volvo Cars is not only looking to penetrate other capital markets but also might go public through a stock market listing.
Geely and Volvo Cars will continue to share similar internal combustion powertrains, vehicle architectures, and other components, Samuelsson added.
Volvo Cars is also planning to integrate some advanced technologies including Luminar Technologies’ lidar sensors and Nvidia’s computer chips to boost autonomous driving capabilities.
The Swedish automaker is looking to transform its retail operations in Europe, which will allow customers to order new EVs directly from the company. Samuelsson stated that dealers will also be paid commissions for vehicle delivery.
In the United States, however, Volvo Cars will continue to sell vehicles through franchised retailers owing to prevailing laws that protect the existing dealers.
Volvo has teamed up with Swedish battery maker Northvolt to develop the next generation of energy storage cells. These new batteries will enable a longer driving range at much faster charging rates.
Notably, various startups have gone public in China as well as in the United States in the recent past. This trend follows Tesla’s innovative approach of taking advantage of investor’s enthusiasm to secure cheap capital, further allowing it to compete with other established brands such as Volvo.
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