Shares in Volvo Cars tumbled as much as 13% Friday to hit a record low after its biggest shareholder Geely sold part of its stake at a discount to the market value. The transaction reduced Geely’s stake in Volvo Cars by just over 4%. Once the sale is completed on November 21, that stake is expected to amount to 78.7%, Geely said in the statement. The attempt to boost the value of Volvo Cars’ stock — which has fallen almost 23% year-to-date — seems to have backfired, at least in the immediate term. The firm’s shares traded down 11% on the day by 10.21 a.m.

Source: CNN November 17, 2023 20:06 UTC