Geely Group reduces its stake in Volvo Cars to support global development of its brands

On November 17, 2023, Geely Group announced that it would reduce its stake in Volvo Cars from 82% to 78.7%. The proceeds will be used to support the global development of its sub-brands. Since being acquired by Geely in 2010, Volvo Cars has doubled its sales and achieved a comprehensive electrification transformation with the full support of Geely.