Volvo announced today that it has signed an agreement with its parent company Geely
Holding Group to fully integrate Volvo's manufacturing, R & D and sales businesses in China by acquiring 50% of Geely's holding shares in Chinese joint ventures Daqing Volvo and Shanghai Volvo. It is reported that the transaction will be divided into two steps. It is expected that the transaction will be officially completed in 2023 after China cancels the restrictions on foreign shares in passenger cars in 2022. The transaction is subject to regulatory approval. The details of the transaction will not be disclosed and the employees and partners of the relevant companies will not be affected.