Volvo stock hits record low as Geely trims stake
Volvo (VOLCAR-B.ST) shares plunged to a record low after its Chinese parent company, Geely Holding Group, sold over 3% of its stake in the Swedish automaker. Geely notes the share sale aimed to boost Volvo's stock liquidity. Despite trimming its position, Geely retains a 78% ownership interest in Volvo. However, the selloff fueled investor concerns around Volvo's prospects amid the weakened auto market. Yahoo Finance's Seana Smith, Myles Udland and Brad Smith break down the details of this morning mover, providing insights into the effects of EV's on automakers. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.