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Volvo's China Business gets green light from the EU

Wednesday, 08 May 2013
Volvo Group's planned collaboration with Chinese automotive giant, Dongfeng came a step closer on Wednesday when the EU approved the plans.

The European Commission approved plans for a joint venture, Dongeng Commercial Vehicles, where Volvo is to own 45 per cent and Dongfeng 55 percent, reports various media news sources.
The means that Volvo is to invest nearly Skr6 billion and this will make the company the largest manufacturer of heavy trucks.

The deal remains to be approvals by the Chinese authorities. Volvo expects that it will take until early next year for such a deal to pass from the Chinese side. If the plan is approved, Volvo will become the world's largest manufacturer of heavy trucks.
by Scancomark.com Team

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