Shares in Volvo Cars tumbled as much as 13% Friday to hit a record low after its biggest shareholder Geely sold part of its stake at a discount to the market value.. China’s largest privately ...

The Chinese automotive group acquired Volvo from Ford in 2008, gaining control of the brand. But its high ownership stake may have deterred stock market interest, and the potential sale follows a ...

The roughly $839 million sale would allow the construction equipment giant to refocus its regional strategy as it expands ...

The transaction reduced Geely’s stake in Volvo Cars by just over 4%. Once the sale is completed on November 21, that stake is expected to amount to 78.7%, Geely said in the statement.

The decision to sell Volvo CE’s ownership comes as many U.S. companies move their supply chains out of China to nearby countries, in part because of rising labor costs and recent tariff pressures.