Volvo to Buy Geely’s Share in Chinese Plant

Volvo to Buy Geely’s Share in Chinese Plant

In a slightly unusual move, Volvo is set to buy out the Parent company’s share in the Chinese Volvo plants.

Volvo will be taking full control over the sales and marketing too, making Volvo the first major non-Chinese auto maker to do so. Volvo had a 50% share in Daqing Volvo Car Manufacturing Co., Ltd and Shanghai Volvo Car Research and Development Co., Ltd, and it is the remaining 50% share that will be acquired.

China is Volvo’s biggest market, and is owned be Geely, a Chinese company.

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“With this agreement, Volvo Cars will become the first major non-Chinese automaker with full control over its Chinese operations,” said Håkan Samuelsson, chief executive of Volvo Cars.

“Geely Holding Group and Volvo Cars are continuously evaluating the best way to collaborate and structure operations within the wider Group. These two transactions will create a clearer ownership structure within both Volvo Cars and Geely Holding,” said Geely Holding chief executive officer, Daniel Donghui Li.

This acquisition will happen in 2 steps, beginning in 2022. China is lifting its requirement for auto makers to be joint ventures. Interestingly, the financial details will not be disclosed.

Volvo sold 166,617 cars in China in 2020, which was an increase of 7.5%, In 2021, the first 6 months saw a massive 44.9% increase on the same period in 2021. Despite this, Volvo had a world-wide decrease of 6.2% in revenue for 2020.

Volvo remains a gay Car Boys favourite for its safety record and quality manufacture. Volvo has been making advancements in electrification too. As the world moves towards electric transport solutions, Volvo sees itself as a leader.

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