Volvo moves in with Chinese parent
It’s one of Sweden’s most loved brands, but now Volvo Cars will be managed in China under a new arrangement with its parent company - Geely Holdings.
It’s been announced this morning that a joint venture technology company would be formed, this will include Volvo, Geely’s Chinese car brand, Geely Auto, and the soon to be launched electric car brand – LYNK & CO.
The joint venture will have its headquarters in China.
Geely tell us the move will allow the car brands to accelerate EV tech, including components such as battery cells, e-motors and charging systems.
There’s no word on whether the arrangement will see Volvo car production shift to China, we will keep you updated.
Volvo Cars boss, Hakan Samuelsson, says the new joint venture makes sense.
“Partnerships to share know-how and technologies are common practice in the automotive industry. This is the model we are adopting,”
“This planned collaboration will strengthen Volvo’s ability to develop next-generation electrified cars.”
While it was also announced that Volvo would be taking a significant minority shareholding in LYNK & CO.
The deal will allow LYNK & CO to benefit from the use of Volvo technology both now and in the future, according to Geely/Volvo.