Geely Takes 8.2% Stake in VOLVO Truck Company, Biggest Individual Shareholder
The company that owns Volvo’s car business is now planting its flag on the separate truck company that also bears the Volvo name. Geely Holding will purchase an 8.2-percent stake in AB Volvo in a deal said to be worth $3.3 billion.
Geely will acquire all the shares previously held by Cevian Capital. In doing so, it has become the biggest individual shareholder in AB Volvo and second ranked in terms of voting rights behind Swedish investment firm Industrivarden.
The deal will give AB Volvo access to Geely’s market knowledge, resources, and technologies. These technologies are benefiting Volvo Cars, which Geely purchased in 2010. As one example, Geely set up a company to create platforms and technologies for its automotive brands, including the CMA hardware for small vehicles.
“The agreement will not only give AB Volvo a new large and committed shareholder, but one with significant expertise in strategically important areas for future value-creation, such as electrification, autonomous driving, connectivity, and the Chinese market,” Cevian Capital co-founder Christer Gardell said in a statement.
In a statement, Geely Holding Chairman Li Shufu said, “Given our experience with Volvo Car Group, we recognize and value the proud Scandinavian history and culture, leading market positions, breakthrough technologies and environmental capabilities of AB Volvo.”
Despite Geely’s new involvement with AB Volvo, the truck company will remain separate from Volvo Cars, which split off from AB Volvo in 1999. AB Volvo offers a range of commercial trucks, construction trucks, and buses and owns a 45-percent stake in Dongfeng Commercial Vehicles, one of China’s largest truck manufacturers.
- Geely Joins Hands with Weichai to Develop Methanol Powered Heavy-duty Trucks 2019-10-18
- CEO of Geely-owned Volvo Loses Board Seat after Geely Buys Daimler 9.7% Stake 2018-03-02
- Geely Likely to Purchase a Below 3% Stake in Daimler 2018-02-07
- Geely Yuancheng M100 Methanol Heavy Truck Engine Conducts Successful Ignition 2017-05-27
- Geely Gets a 1,000-unit Order for Electric Light Trucks 2017-05-25
- Foreign auto brands scramble for low-end niche 2008-05-08
- Volvo Develops Heavy-duty Electric Concept Trucks 2019-12-11
- Volvo Truck Delivers the 1,500th Truck to ZTO Express 2019-11-20
- Volvo Officials Visit Dongfeng Commercial Vehicle 2019-03-27
- First Electric Volvo Trucks Delivered to Customers 2019-02-27
Submit Your Requirements, We Are Always At Your Service.
- The Third China Heavy-duty Truck Bo’ao Forum Held in Hainan
- BYD Rolls Off Its New Energy Sanitation Vehicles in Changsha
- SHACMAN Industrial Park Starts Operation
- JAC and Huawei Signed a Comprehensive Cooperation Framework Agreement
- Dongfeng Commercial Vehicle Attends 2019 China Int'l Heavy-duty Truck Fair
- BYD, Anheuser-busch and Nikola Completes First Zero-emission Beer Delivery
- China's Heavy-duty Truck Sales Continue to Climb in November
- XCMG Signed a Strategic Cooperation Agreement with China Unicom on 5G
- Heavy-duty Trucks Sales Expected to Exceed One Million Units Annually
- FAW Jiefang’s New Production Base Starts Construction in Liuzhou
C&C Trucks Co., Ltd.
C&C Trucks Co , Ltd (C&C Trucks), located in Sanshan Economic Development Zone, Wuhu, Anhui Province, a holding company under China International Marine Containers (Group) Co , Ltd (CIMC), is a large heavy truck enterprise integrating the research and development, production
- Heavy Truck Sales in China Hit New Annual High in 2019
- China Sold 518,700 Units Tractors in November
- China Sold 102,000 Units Heavy-duty Trucks in November
- Dongfeng Medium and Heavy Truck Sales Reached 17,456 Units in November
- China Sold 357,000 Units Commercial Vehicles in October
- Sales of Pickups in Beijing Soared by 539% from January to September
- DFAC Jan-Oct Sales Reached 130,000 Units
- China Oct Heavy Truck Sales Reached 90,000 Units
- China Sold 302,000 Units Trucks in September
- Foton Sold 1,809 Units Heavy-duty Trucks in September