9,339.59 TRY BIST 100 BIST 100
39.37 USD USD USD
5.51 CNY CNY CNY
45.51 EUR EUR EUR
0.12 CNY CNY/EUR CNY/EUR
43.35 TRY Interest Interest
75.93 USD Fossil Oil Fossil Oil
46.12 USD Silver Silver
4.81 USD Copper Copper
92.95 USD Iron Ore Iron Ore
328.00 USD Shipbreaking Scrap Shipbreaking Scrap
4,302.27 TRY Gold (gr) Gold (gr)

Volvo cuts IPO size

Volvo has reduced the IPO size from 25 billion crowns to 20 billion crowns. It is stated that difficulties with the valuation of electric sports car maker Polestar, a subsidiary of Volvo, are causing investors' appetite for the company to decrease.

Volvo cuts IPO size

The owner of Volvo Car reduced the funding it sought during the IPO process from 25 billion crowns to 20 billion crowns (2.3 billion dollars). The autobomil manufacturer, owned by Chinese Geely Holding, announced in a statement that they set the price per share as 53 crowns.

Difficulties with the valuation of electric sports car maker Polestar, a subsidiary of Volvo, have dampened investor appetite for the company, Bloomberg reported.

Volvo plans to establish a battery factory in Europe, while aiming for all the vehicles it sells to be electric cars by 2030. The company aims to increase its production capacity with the income it will gain from the public offering, and to double its annual car sales to 1.2 million by 2025.

Volvo was the first buyer of steel produced without using fossil fuels.

Swedish steelmaker SSAB has announced that it has produced the world's first fossil fuel-free steel and the transfer of the produced steel to Volvo has begun.

The company, which is working to use hydrogen in steel production rather than coal within the scope of the "Hybrit" project, stated that with this development, it has been proven that carbon emissions from steel production can be reduced globally.

After SSAB started the construction of a pilot fossil fuel-free facility in Lulea, Sweden, as part of the project in 2018, sponge iron is produced by reduction method in iron ore thanks to the green hydrogen produced by the electrolysis method. Afterwards, these sponge irons are mixed with scraps to produce steel.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Private sector's foreign debt increased to USD 185.9 billion in Türkiye

Wednesday, June 18, 2025

Türkiye's construction production index increased by 9.5% y/y in April

Tuesday, June 17, 2025

Russia aims to raise investments in Egyptian industrial zone to USD 7 billion

Tuesday, June 17, 2025

The number of wage earners in Türkiye increased by 2.4% in April

Tuesday, June 17, 2025

Automotive exports in Türkiye increased by 5% on a unit basis in the first 5 months of the year

Tuesday, June 17, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now