Volvo Raises $536.7M In Second Green Bond Offering

By Dorothy Atkins (May 24, 2022, 9:20 PM EDT) -- Swedish automaker Volvo Cars announced Tuesday that it has raised $536.7 million, or 500 million euros, in its second fixed-rate senior unsecured green bond offering to fund the company's energy efficiency goals and transition to selling fully electric vehicles by 2030.

The Gothenburg, Sweden-based company said the funds are earmarked to accelerate Volvo's goal of becoming a fully electric-car maker by 2030 and becoming "climate neutral and circular" by 2040.

More than two-thirds of the proceeds will fund electric vehicle research and development and new platform technology, while the remaining third will help accelerate the company's production capacity of electric cars,...

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