Volvo Cars says they have no immediate plans for IPO

Geely-owned Volvo Car Group stated on Wednesday it had no immediate plans for an initial public offering after a media report the automaker was considering a listing next year.

Swedish financial newspaper Dagens Industri reported, pointing out unnamed sources, that Volvo Cars, owned by China’s Zhejiang Geely Holding Group, shall choose this year on whether to go public in 2017.

“We have no immediate plan for an IPO. This is a concern for our owner,” a Volvo Cars spokesperson stated in an email to Reuters.

Recently, Ride-sharing company Uber expanded its self-driving pilot to San Francisco, California, utilizing specially-converted self-driving Volvo XC90 premium SUVs.