Volvo is All About Electric Vehicles as it Looks to Go Public
Swedish car manufacturer Volvo is set to go public. Its pitch to investors is that it is high time to pull the plug on gas-powered vehicles.
The company is preparing to be listed on the Nasdaq in Stockholm, according to Autoweek. Volvo is reportedly looking to raise $2.9 billion to help fund its pledge to make its entire lineup electric-only by 2030.
"Volvo's commitment to a full-electric lineup by the closeout of this decade is likely attainable even without this recent IPO move,” auto industry Robby DeGraff told Autoweek’s Jay Ramey. “But opening things up to outside investors is now only going to streamline this," he added.
Meanwhile, Polestar - an electric vehicle manufacturer backed by Volvo and Chinese auto company Geely - is also set to go public via a special purpose acquisition company merger. That deal could reportedly raise as much as $23 billion for the company, which recently began delivering cars to buyers in the U.S.
Volvo is planning to have at least half of its fleet of models electric-only by 2025, with the remaining half joining the club just five years later. That pace would put it ahead of General Motors, which has promised to make all of its new cars electric-only by 2035.
Gas or Electric, Defective Cars Put People’s Safety at Risk
As Volvo looks to an electric future, it continues to have a hard time ensuring that the cars it makes today are safe for the road.
The company announced in July, for example, that it was recalling some 85,000 vehicles. Volvo cited a stalling problem that the company said increased the risk of an accident.
Volvo is not alone. The world’s largest carmakers routinely call back tens of thousands or more vehicles as a result of serious defects that pose significant safety risks.
Fortunately, the California lemon law allows car owners in the Golden State to take action. The law requires car manufacturers to perform a full range of repairs on vehicles while they are under warranty. It also forces them to buy back (or replace, in some cases) cars that the companies cannot or will not fix.
Our California Lemon Law Attorneys Can Help You
If you have been stuck with a defective or malfunctioning vehicle, a California lemon law attorney at Bickel Sannipoli APC can help fully understand your rights and take legal action against the manufacturer. Our firm is pleased to be able to represent people across the state.
At Bickel Sannipoli, we understand the stress and aggravation that can come with haggling with car dealers and manufacturers. That is why we work aggressively to resolve these cases for the people that we represent.