Geely and Volvo Car's joint Lynk & Co brand said on Wednesday it plans to expand its sales network beyond China and Europe to the Gulf region in the fourth quarter of this year. Lynk & Co, which sells and rents cars to customers on monthly subscriptions, will also begin its Asian market expansion "in due course", it said in a statement. It will mainly sell its cars through dealers in the Middle East and Asia, like China, rather than use the subscription model it has established in Europe, said Lin Jie, a Geely Auto senior vice president who also oversees Lynk & Co's sales.
The Zacks Analyst Blog Highlights: Li Auto, NIO, XPeng and Geely Automobile
STOCKHOLM (Reuters) -Geely-owned Volvo Cars said on Monday its initial public offering would be priced within a range of 53 to 68 Swedish crowns per share, valuing the automaker at up to $23 billion in what is likely to be one Europe's biggest listings this year. Volvo Cars, which has spent years under the Geely Holding umbrella strengthening its foothold in the premium market, said this month it planned to raise $2.9 billion through an IPO and list its shares on the Nasdaq Stockholm stock exchange. Sources told Reuters last month that Geely was in advanced discussions with banks to list the Swedish company in the coming weeks, aiming for a valuation of about $20 billion.