Volvo Cars In Addition To Geely Automobile Is Laid Upwards To Merge

Volvo Cars in addition to Geely Automobile is considering a merger inwards a bid to accelerate their fiscal in addition to technological synergies.

In a joint-statement,Volvo Cars in addition to Geely Automobile said that the considered combination would enable them to convey the “scale, knowledge, in addition to resources to hold upwardly a leader inwards the ongoing transformation of the automotive industry.” Despite this, the combination would save the distinct identity of each of the brands: Volvo, Geely, Lynk & Co, in addition to Polestar.

The merger would besides let the novel fellowship to convey access to the global uppercase marketplace through Hong Kong, alongside the intention to listing inwards Stockholm, Sweden equally well.

“A combination of the 2 companies would number inwards a rigid global group. We expect frontward to working alongside Håkan Samuelsson, president in addition to CEO of Volvo Cars, to farther investigate this chance alongside the finish to strengthen the synergies inside the Group piece maintaining the competitive wages in addition to the integrity of each private brand,” said Li Shufu, Chairman of Geely Holding Group.

As the 2 automakers seek the necessary approving of their respective boards, shareholders, in addition to besides compliance alongside regulatory approvals, both Volvo Cars in addition to Geely volition create a articulation working grouping to laid a proposal to their respective boards.

The deed is inwards melody alongside Chairman Li’s strategy of consolidating in addition to pooling resources inwards gild to spearhead initiatives such equally electrification in addition to autonomous driving. Previously, Volvo announced that it formed a joint-venture alongside Geely for the evolution of international combustion engines. Li is besides the largest shareholder of Daimler AG, the nurture fellowship of Mercedes-Benz.

The deed is said to create China’s get-go truthful global automaker.