Volvo to take full ownership of its manufacturing and sales operations in China

The acquisition of an additional 50 per cent of the shares in Daqing Volvo Car Manufacturing Co., Ltd and Shanghai Volvo Car Research and Development Co., Ltd will strengthen Volvo’s position in China, its largest market.

Volvo Cars signed an agreement with its parent, Geely Holding, to acquire Geely Holding’s stake in the companies’ joint ventures in China, with the aim of taking full ownership of its car manufacturing plants and sales operations in the country. The acquisition of an additional 50 per cent of the shares in Daqing Volvo Car Manufacturing Co., Ltd and Shanghai Volvo Car Research and Development Co., Ltd will strengthen Volvo’s position in China, its largest market. Hakan Samuelsson, CEO, Volvo Cars said, “With this agreement, Volvo Cars will become the first major non-Chinese automaker with full control over its Chinese operations.”