After taking over Swedish carmaker Volvo 2010, the Chinese Geely group is now also owning parts of the separately operating truck specialist AB Volvo. Geely replaces investor Cevian Capital and thus acquires shares worth 2,8bn euros.
Owning then 8.2 percent of the company, Geely is becoming biggest individual shareholder in AB Volvo and shall help accessing the Chinese market due to its know-how in electric drive tech and autonomous driving.
Both Volvo units are situated in Gothenburg, Sweden. However, according to “Reuters”, Geely does not plan to merge both of them. Since 2013, the Chinese group owns also LEVC (London EV company, formerly London Taxi Company). As it is well known, London requires all new taxis to be zero-emission capable by the present year.
In the long run, Geely wants to dispose over a line-up of different brands to match VW. Besides Volvo and LEVC it owns Lynk while eying British Lotus as well.
reuters.com, greencarcongress.com, zgh.com
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