The story appears on

Page A9

February 25, 2021

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business » Auto

Geely, Volvo nix merger

Geely Automobile and sister company Volvo Cars will abandon merger plans but launch a new entity to combine their powertrain operations and expand cooperation on electric vehicles, they said yesterday.

A year ago the two said they were planning to merge and list in Hong Kong and possibly Stockholm, giving Volvo access to public markets, as global automakers pursue alliances to respond better to the cost of the transition to electric cars, tougher emission rules and autonomous driving.

In a joint statement yesterday Geely Automobiles and Volvo Cars that they would persevere with their existing separate corporate structures after “a detailed review of combination options.”

They said, however, they would launch a new company to combine their existing powertrain operations.

The new entity, expected to become operational this year, will provide engines, transmissions systems and petrol-electric hybrid systems for use by both companies as well as other automakers.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend