Volvo seeking €600 million loan from EIB under new ownership

Volvo is seeking a €600 million loan from the European Investment Bank under new Geely ownership.

The company received a €200 million loan last March from the EIB, and was seeking a €300 million loan after that. Those funds were put on hold until the transfer of ownership from Ford to Geely was completed. Now that Geely owns Volvo, they’re ready for the second loan.

However, they have revised their product timeline, and now want €600 million (Including March’s loan, so €400 million is remaining). These funds won’t be coming until they receive a loan guarantee from the Swedish government though, so Volvo is already discussing the matter with the Swedish National Debt Office.

Source: Reuters

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