Photo: Volvo Trucks
Fleetowner 26535 Volvofh2
Fleetowner 26535 Volvofh2
Fleetowner 26535 Volvofh2
Fleetowner 26535 Volvofh2
Fleetowner 26535 Volvofh2

Chinese car maker buys $3 billion-plus stake in AB Volvo

Dec. 27, 2017
Geely, which bought the Volvo car brand from Ford six years ago, noted in press reports that there are “no plans” to reunite the Volvo car and truck businesses.

For an estimated $3.3 billion, Chinese carmaker Zhejiang Geely Holding Group is buying a roughly 8.2% stake in Sweden’s AB Volvo, which builds commercial trucks, construction equipment, and marine vessel engines.

The Chinese car maker – which goes by the name “Geely” – already owns the Volvo car brand, which AB Volvo sold to Ford Motor Co. in 1999, which Ford then sold to Geely in 2011.

According to press reports, Geely has “no plans” to reunite the Volvo car and truck brands. Geely also owns the company that makes London’s black cabs and bought British sports carmaker Lotus back in August.

How the deal impacts Volvo’s relationship with Chinese truck maker Dongfeng, in which Volvo has owned a 45% stake since 2015, is unclear.

Back in September, Geely said it planned to “improve its product portfolio” by launching more than 30 new models covering compacts, sedans, SUVs, and crossovers in order to meet the demands of different consumer groups in the short term. At the same time, the company stressed it remained committed to implementing its “Blue Geely Initiative” with plans to offer 40 models using hybrid, plug-in hybrid, or pure electric powertrains by 2020 and thereby “become a leader in the development of new energy vehicles.”

About the Author

Fleet Owner Staff

Our Editorial Team

Kevin Jones, Editorial Director, Commercial Vehicle Group

Cristina Commendatore, Executive Editor

Scott Achelpohl, Managing Editor 

Josh Fisher, Senior Editor

Catharine Conway, Digital Editor

Eric Van Egeren, Art Director

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!