Volvo Cars said on
Friday it plans to distribute 62.7% of its stake worth 9.5
billion crowns in Swedish electric vehicle
manufacturer Polestar Automotive Holding to its own
shareholders. .
COPENHAGEN (Reuters) -Sweden-based Volvo Cars on Wednesday reported a 33% year-on-year rise in June sales to 66,379 cars, helped by a spike for fully electric cars. The manufacturer, which is majority-owned by China's Geely, said it sold 9,535 fully electric cars in the month, up 346%. "The overall sales increase was driven by the company's fully electric cars which quadrupled compared to the same period last year," it said in a statement.
European shares fell on Wednesday as
fresh data pointing to China s faltering economic recovery as
well as slowing services sector activity in the euro zone stoked
concerns about a sharp hit to global.