Volvo Group has Completed the Sale of Shares in WirelessCar

GÖTEBORG, Sweden, March 29, 2019 /PRNewswire/ -- Volvo Group has now completed the previously announced divestment of 75, 1 % of the shares in its wholly-owned subsidiary WirelessCar to the Volkswagen Group. The sales price amounted to SEK 1.2 billion.

The divestment resulted in a positive impact on operating income of approximately SEK 1.5 billion and a positive cash flow effect of SEK 1.2 billion which will affect the Volvo Group's operating income and cash flow in the first quarter of 2019.

For more information, please visit volvogroup.com/press 

About Volvo

The Volvo Group is one of the world's leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The Volvo Group, which employs almost 105,000 people, has production facilities in 18 countries and sells its products in more than 190 markets. In 2018 the Volvo Group's sales amounted to about SEK 391 billion (EUR 38,1 billion). The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq Stockholm.

Journalists who would like further information, please contact:Claes Eliasson, Volvo Group, Media relations +46-31-323-72-29. 

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SOURCE Volvo