Connect with us


Volvo buys rights from Chinese Geely



Volvo Cars has signed an agreement with its parent holding company to acquire Geely Holding’s stake in joint ventures in China with the aim of gaining full control of car factories and sales in the country.

The acquisition of an additional 50% stake in Daqing Volvo Car Manufacturing Co., Ltd and Shanghai Volvo Car Research and Development Co., Ltd will further strengthen Volvo Cars’ position in China, the company’s largest market. Although the two joint ventures are already fully included in the financial statements of the Volvo Car Group, Volvo Cars’ share of their net income and equity will increase after the deal.

“With this agreement, Volvo Cars will become the first major non-Chinese automaker to have full control over its operations in China,” said Hakan Samuelsson, CEO of Volvo Cars.

Volvo Cars has grown significantly faster than other companies in the Chinese market in recent years and will continue to invest in the country to maintain a steady growth trend. As a result of the deal, Volvo Cars will fully own the manufacturing plants in Chengdu and Daqing, the national sales company in China and the research and development center in Shanghai.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Latest News

Software10 mins ago

Google changed Gmail for Android on the server side. Labels have become clearer

Google has released a small but useful update for the proprietary Gmail email client for the Android operating system. The...

Laptops54 mins ago

Newest MacBook users complained about “cracked for no reason” screens

Users of new Apple laptops based on Apple’s proprietary M1 platform began to complain about cracks in the screens that...

News60 mins ago

UMC is credited with the intention to raise prices for the production of semiconductor products at 40 nm

Citing data from Taiwanese chip makers, the source claims that United Microelectronics Corp (UMC), which produces semiconductor products under contracts,...

Components2 hours ago

Biostar unveils AMD Radeon RX 6600 XT graphics card

Biostar has announced the release of its variant of the AMD Radeon RX 6600 XT graphics card. Recall that the...

Software2 hours ago

Big Telegram update: video calls for 1000 people, video acceleration and much more

The team of the popular messenger Telegram has announced a major update. Telegram 7.9 brings such innovations as video calls...

Software2 hours ago

Xiaomi started testing Android 12 for Redmi K30 Pro and Poco F2 Pro

The next version of Android (Android 12) has been in beta testing for several weeks now. Google is expected to...

News3 hours ago

Amazon fined in Europe for violating data privacy rules

The European Union has imposed a record high fine of € 746 million on Amazon for processing personal data in...

Gaming3 hours ago

Microsoft has released Windows 10 update with many fixes, including game and performance issues

Microsoft has released a cumulative update for the Windows 10 operating system with many fixes and improvements. Update KB5004296 is...


Most Popular