Volvo's record results help it gear up for flotation

Volvo has motored closer to a long-awaited flotation after the Swedish car maker delivered a strong set of annual results. The performance has fuelled speculation that the business - which is owned by China’s Zhejiang Geely Holding Group - is gearing up for a stock market listing. Geely bought Volvo in 2010 for $1.8bn from Ford, under whose ownership sales fell and it incurred losses.