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A Volvo C40 Recharge photographed in Stockholm, Sweden, on March 2, 2021.
CLAUDIO BRESCIANI | AFP | Getty Pictures
The CEO of Volvo Automobiles has informed CNBC that the automaker’s shift to electrical autos is the rationale behind its deliberate itemizing on the Nasdaq Stockholm inventory alternate.
The corporate desires to lift 25 billion Swedish krona, or $2.9 billion, by way of the preliminary public providing, which will likely be one of many greatest in Europe this 12 months.
In an interview with CNBC’s Julianna Tatelbaum Monday, Hakan Samuelsson was requested why the corporate was going public now.
“We’ve got a really large curiosity from buyers to speculate into EV firms, you see that rising on a regular basis,” he mentioned. “We’ve got mentioned 2030 is our finish date for [the] ICE [Internal combustion engine] engine and we after all need to safe that transformation.”
Samuelsson defined that the shift to electrical autos was “not freed from cost.”
“That is why we are actually speaking about [the] major issuing of latest shares in round 3 billion U.S. {dollars} … And that’s actually to have the monetary assets to safe this transformation within the subsequent 5, six years. That is actually … the rationale for our ‘intention to drift’ message,” he added.
This transition comes as main economies additionally lay out plans to maneuver away from the inner combustion engine.
The U.Ok., for instance, desires to develop a net-zero transport sector by 2050, stopping the sale of latest diesel and petrol vehicles and vans by 2030. It is going to require, from 2035, all new vehicles and vans to have zero tailpipe emissions.
Elsewhere, the European Fee, the EU’s govt arm, is focusing on a 100% discount in CO2 emissions from vehicles and vans by 2035.
Chip challenges
All of the above adjustments are happening whereas international automobile producers proceed to battle the affect of a world semiconductor scarcity.
On Tuesday, figures launched by the Society of Motor Producers and Merchants confirmed that 215,312 vehicles had been registered within the U.Ok. throughout September 2021. This represents a decline of 34.4% in comparison with the identical month in 2020, with the SMMT describing it because the “weakest September since 1998.”
In a press release, the trade physique mentioned the “ongoing scarcity of semiconductors” had impacted automobile availability.
The SMMT additionally famous, nonetheless, that “September was the most effective month ever for brand spanking new battery electrical automobile (BEV) uptake.”
“With a market share of 15.2%, 32,721 BEVs joined the highway within the month, reflecting the wide selection of fashions now out there and rising client urge for food,” the SMMT mentioned. The perfect-selling automobile for the U.Ok. market in September 2021 was the Tesla Mannequin 3.
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