Volvo's Stock Is Surging As It Makes Its Stock Market Debut.

The stock rose on Friday from an initial 53 crowns to 65 crowns. Volvo CEO Hakan Samuelson said the float would help the company become fully electric by 2030. American auto giant Ford sold Volvo to Geely for $1.8 billion in 2010, which helped turn the Gothenburg-based brand's fortunes on its head while driving the popularity of SUVs.

"Our industry is changing, and we are working to encourage this change. That's why Volvo Cars have an ambitious strategy to go fully electric by 2030," Samuelson said Friday. Today's list will help us get there," he added.

Michael Huson, the analyst at CMC Markets, said, "Volvo's stronger-than-expected first day of trading suggests that there is good investor demand for the company's electric vehicle plans. Given that the initial rating is at the end of the rating, mainly due to concerns about global semiconductor shortages." Volvo's rating is "pretty good, though a little bit when compared to Tesla."

This IPO will enable the designer to realize his goal of electrifying all of his production by 2030. On its first day of trading, Volvo It shares traded at 60 Swedish kronor ($7), 13% above its initial price of 53 Swedish kronor.

The group, which should have raised a 25,000 million kroner while trading on Nasdaq Stockholm, cut the amount to $20 billion on Monday. The IPO culminated with the Swedish brand's return to the top, driven by sales of their SUV in China, key markets, and the United States.

In 11 years, the Swedish manufacturer has spectacularly restored its finances and brand image thanks to the sales of its premium SUV. Volvo also has ambitions to completely get rid of internal combustion engines and switch to fully electric vehicles.