Volvo buys 45% of unit from Dongfeng
Print Edition
SWEDISH truck maker Volvo Group has acquired 45 percent of a subsidiary from Chinese motor giant Dongfeng for US$885 million.
Announced in January 2013, and now confirmed by Beijing, the deal awards Volvo a share in Dongfeng Commercial Vehicles worth 5.5 billion yuan (US$885 million).
The other 55 percent remains in the hands of the parent company, Dongfeng Motor Group, one of the main shareholders of French carmaker PSA.
“This strategic alliance is a real milestone and entails a fundamental change in the Volvo Group’s opportunities in the Chinese truck market, which is the largest in the world,” Volvo said in a statement.
Dongfeng controls 15-18 percent of the truck market in China.
The tie-up confirms Volvo’s ambition to overtake Germany’s Daimler as the largest truck maker in the world.
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