The Swedish luxury car brand and the Chinese Geely announced their decision to merge, and announced their plans for a merger.
In the statement made, it was noted that while protecting the company structures, the electrification, smartization, connection and sharing areas in automobiles will be integrated.
Under the agreement, Geely and Volvo will drive technological innovation and converge in areas such as highly autonomous driving. The two sides will establish a new company. The company is planned to be operational before the end of the year. The two sides are of the opinion that this will increase Geely Automobile's new energy research and development capability. Geely Holding bought the Swedish luxury car brand Volvo in 2010.
Source: China International Radio