Volvo has acquired full ownership; of its activities manufacturing and marketing in China. In fact, the carmaker announced that it has signed an agreement with its parent company, Geely Holding , to take over the latter's stake in the joint ventures created together. in China. In this way, Volvo will have; full ownership of its automobile manufacturing plants and businesses; sales in the country.
This operation will allow & agrave; to the builder to strengthen its position in China , one of the largest regions; rapid growth globally.
With this agreement, Volvo Cars will become; the first major non-Chinese carmaker with full control of the business; operating in China.
The brand & egrave; grown a lot in China in recent years and will continue to invest to ensure that this positive trend continues over time. Among the consequences of this operation, Volvo will obtain; full ownership of its manufacturing facilities in Chengdu and Daqing, of its company & agrave; domestic trade in China and its unit & agrave; of research and development in Shanghai.
The transactions will be completed in two phases: they will start in 2022, when it will be; lifted the joint venture obligation for car manufacturing in China, and they are expected to be formally completed in 2023.
Obviously, to complete the operation it will be; Authorities approval required. To understand the importance of the Chinese market, suffice it to say that in 2020 Volvo sold 166,617 cars, recording an increase of 7.5% compared to 2019. In the first 6 months of 2021, however, sales increased by 44.9% compared to the same period in 2020 and by 40.1% compared to the same period in 2019. Finally, it should be remembered that Volvo recently created a joint venture with Geely to manage its engines in so that we can concentrate on the development of electric models.
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