Zhejiang Geely, the parent of Hong Kong-listed Geely Automobile (HKG:0175), denied reports it will slash its shareholding in Volvo, The Paper reported Wednesday.
"As a long-term investor and controlling shareholder of Volvo Cars, Geely Holding Group has no plans to reduce its stake in Volvo Cars," the news site quoted Geely as saying.
Geely bought Volvo in 2010 for $1.8 billion and listed on the Nasdaq Stockholm exchange in 2021.
The last time Geely slashed its stake in Volvo was in November 2023, which reduced Geely's holding in Volvo to 78.65% through Geely Sweden Holding, the report said.
Zhejiang Geely Holding Group is the ultimate owner of Geely Sweden Holding.
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