A Geely Automobile spokesperson on November 12 strongly denied reports regarding the potential sale of additional Volvo Cars shares the company holds. Earlier, media reports suggested that Geely was considering offloading more shares in an effort to gradually increase its stock price. “As a long-term investor and majority shareholder in Volvo Cars, Geely Holding Group has no plans to reduce its stake in Volvo Cars,” Geely stated. Geely is the largest shareholder of Volvo Cars, holding more than 78% of shares. Volvo Cars declined to comment.