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.
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