Volvo Cars has raised 5 billion Swedish crowns ($532 million) from a group of Swedish institutional investors, taking it a step towards a share market flotation nearly seven years after being bought by Chinese carmaker Zhejiang Geely Holdings. The investors have bought newly-issued preference shares that would have "an immaterial dilutive effect" on Geely's 100 percent ownership, Volvo said, while suggesting that the deal marks a milestone in its turnaround in Chinese hands after deep losses under previous owner Ford Motor Co. "This move is another step towards Volvo Cars' long expressed ambition to act as a listed company," Volvo said in a statement.