Volvo Cars has taken control
of its three joint venture operations in China for SEK2.2bn in order to more
accurately reflect its growing presence in the world’s largest car market. Volvo
Cars now owns 50 per cent of its China joint ventures alongside Geely Holdings.
These joint ventures include its car manufacturing facilities in Chengdu and
Daqing, its engine manufacturing facility in Zhangjiakou and its research and
development centre in Shanghai.
The move allows Volvo to fully
consolidate its China joint ventures, providing a more accurate financial and
operational picture of the company as it continues to expand in China. The
company’s interim financial results announced on August 19, 2015 are the first
to incorporate the China joint ventures.
“The incorporation of the Chinese entities is
an important step towards the long term objectives to capture the growth and
sourcing potential in China,” said Hakan Samuelsson, President and Chief
Volvo Cars has been under the
ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It
formed part of the Swedish Volvo Group until 1999, when the company was bought
by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely
Volvo Cars head office,
product development, marketing and administration functions are mainly located
in Gothenburg, Sweden. Volvo Cars head office for China is located in Shanghai.
The company’s main car production plants are located in Gothenburg (Sweden),
Ghent (Belgium) and Chengdu (China), while engines are manufactured in Skövde
(Sweden) and Zhangjiakou (China) and body components in Olofström (Sweden).
Source: Volvo Cars
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