Volvo Cars says it is making good progress toward becoming a public company. The automaker is aiming to have an initial public offering (IPO) before the end of 2021.
“We are looking at the possibility of doing an IPO before the end of the year,” said CEO Hakan Samuelsson in a recent interview with Reuters.
On Wednesday Samuelsson and other Volvo executives discussed the company’s long term roadmap. Their roadmap centers on becoming a fully-electric automaker by 2030, including plans to sell 600,000 electric vehicles by mid-decade. Supporting these lofty EV goals is a plan for a new gigafactory battery plant in Europe in 2026.
A partnership with Swedish firm Northvolt is supporting the company’s EV efforts. The two firms are co-developing a new generation of batteries with greater power density and faster charging. Volvo says they expect the new batteries to go up to 625 miles on a single charge.
Volvo isn’t stopping at EV’s. The company also plans to offer a host of services, such as insurance and vehicle subscriptions. In Europe the company is even transitioning its retail model to allow the company to sell direct to consumer, while paying dealerships a commission for delivery. In the U.S. the dealership model is largely protected by law, so there are no plans to migrate from the current franchised model stateside.
Earlier this year Volvo and parent company Geely Automotive explored a possible merger. After those talks, Geely ultimately said Volvo would pursue the capital markets for other options, including an IPO. While the two firms are divorcing with Volvo’s IPO, the two say they will continue to share some vehicle architectures and other components.