Chinese automaker Geely has confirmed, that the company has reduced its stake in Volvo AB, the Swedish truckmaker.
Geely transferred over 7 billion SEK ($685 million) worth of stock to bondholders, decreasing its stake from 8.2% to 6.8%.
“As we communicated earlier last year, this change in our ownership of B-shares pertains to the bond program that we now have concluded,” Geely spokesperson, Stefan Lundin, said Wednesday, January 10.
The company emphasized that the move does not change its long-term investment strategy in Volvo.
Last year, Geely sold its stake in Volvo competitor Daimler Truck Holding AG. Geely still owns various automotive interests in Europe.
Source: Bloomberg
