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China/Sweden: Auto companies pair-up for innovation

By  |  April 9, 2013

A joint venture between Volvo Group and Dongfeng Motor will begin operation in 2014 as a cooperation to create and develop new motor products. Volvo Group’s CEO Olof Persson made the announcement at a roundtable discussion this week. AB Volvo, based in Sweden, announced their plans for a joint venture in January of this year. The companies will service markets within China; Dongfeng will own a 55 percent majority stake in the venture, while Volvo will own the remaining 45 percent and invest more than $891 million into the project. Authorities in Europe and China have yet to approve of the joint venture, however.

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