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The statement also said that the transactions will be carried out in two steps, provided it gets the nod from the regulatory authorities. It will start next year when the joint venture requirement for auto manufacturing in China will be lifted, and seen formally completed in The statement also clarifies that no employees or partners within the relevant companies will be directly affected by these transactions.
Under Geely's ownership, Volvo Cars has grown from strength to strength in the world's largest car market. Volvo sold , cars in China last year, up by more than 7 per cent compared to what it could in This year, in the first six months, Volvo's sales in China has also increased by nearly 45 per cent compared to the same period last year, and by more than 40 per cent compared to the same period in Chinese car manufacturer Geely Holding Group was already manufacturing its own cars before it acquired Volvo Cars from Ford Motor in Volvo is currently considering to launch its initial public offering IPO and stock market listing.
Kawasaki Vulcan S. Get On-Road Price Add to compare. Bmw S Xr. Volkswagen has gained control of an electric car unit in the eastern city of Hefei. Volvo Cars' deal, financial terms for which were not disclosed, will give it full ownership of its manufacturing plants in Chengdu and Daqing, its Chinese sales company and its research and development facility in Shanghai.
The Gothenburg-based company was bought by Geely from Ford F. N in the aftermath of the global financial crisis more than a decade ago, and has since shared ownership of its Chinese plants with its parent. Volvo Cars said the transactions, which are subject to regulatory approval, would be carried out in two steps, starting in and seen formally completed in V60 Cross Country.
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