STOCKHOLM /Reuters -Volvo Cars (owned by Chinese automaker Geely) slashed the initial public offering size on Monday. It set the share price at 53 Crowns per Share, which is the low end in its previous range.

Volvo previously stated that the shares would cost between 53 and 68 crowns ($6.2), but recent market turmoil in Europe has led to increased volatility due to inflationary pressures as well as global supply chain problems.

Production disruptions caused by a shortage of semiconductors have particularly affected automakers. Many shut down factories and cut production targets to avoid a crisis that could last well into the next year.

Volvo Cars, at current prices, would be worth just over $18 Billion, down from $23 Billion it was expecting at the high end of its pricing range.

Volvo Cars stated Monday that the IPO would raise about 20 billion Swedish crowns (about $2.3 billion), a reduction of a fifth from its earlier plans.

The European and U.S. IPO market have seen a slew IPO cancellations, with many other companies believed to be pushing their plans back.

Volvo Cars’ Chinese owner and Volvo Cars had been planning to publicly list a while back, but they were thwarted by trade tensions and the downturn in car stocks in 2018.

China-Sweden tensions persist despite the ban on Huawei in Stockholm’s 5G networks. Moreover, Ericsson (BSB:) has lost its business in China.

Geely (NYSE:) Co paid Ford Motor Co $1.8billion in 2010 for Volvo. Geely did not use an over-allotment option. However, the amended offering would provide a free float of 16.0% to 17.9%.

Volvo stated that trading would begin on Nasdaq Stockholm on October 29, one day sooner than originally announced.

($1 equals 8.5737 Swedish crowns