Geely had launched a placing of 100 million Volvo Cars shares, which the deal s bookrunners said after the market close were sold at around $350m in total.
While the battery-powered vehicle market is still expanding, the pace of growth has slowed considerably, and Tesla and legacy car makers are now taking a more cautious approach to investments
The Tax Strategy Group, which includes advisors and officials across government departments, hinted that higher taxes could be implemented for heavier vehicles that use fossil fuels to make up for revenue lost as motorists switch to electric cars