Announcement on Volvo Cars Shareholding

Zhejiang Geely Holding Group (Geely Holding), China’s largest private-owned automotive group, has made the decision to release more of its shareholdings in Volvo Cars in accordance to its long-term strategy to enhance the value of the Nasdaq Stockholm listed Swedish carmaker through an increase of liquidity and offer more opportunities to generate sustainable long-term value for institutional and retail investors. After the completion of the share sale program, Geely Holdings shareholding in Volvo Cars will be 78.7%. Proceeds will be used to support global business development within the group.

Under Geely Holding’s management since being acquired in 2010, Volvo Cars has experienced significant growth globally in the last decade, expanded its global manufacturing footprint, achieved record volume sales, and embarked on an ambitious transition strategy to full electrification.

Daniel Donghui Li, Geely Holding Group CEO said:

“Volvo Cars is today one of the world’s fastest-growing carmakers and most iconic car brands. As the majority shareholder, we remain steadfast in our commitment to continue our support of Volvo Cars on its transformation towards becoming a fully electric car maker, and we look forward to continuing this ongoing global success story.”

Jim Rowan, Chief Executive Officer of Volvo Cars said:

“This increase in our public float and improvement in trading liquidity benefits both new and existing investors. It allows a wider base of shareholders to invest in Volvo Cars. We thank Geely Holding Group and all our shareholders for their continued support.”