A key point of Sany and Volvo's cooperation is based on their appropriate value, as high-quality services and products are essential for retaining customers.
Sany and Volvo began their long-term strategic contract in 2017, laying the foundation for deep cooperation. During these years, Volvo’s sales volumes have increased by 75% in China, and there was over 50% growth in orders, which were consigned to Sany. Hence, the presidents of both firms met recently to discuss further collaboration.
Sany and Volvo are the tier-one firms in each of their respective areas; Sany is good at equipment manufacturing while Volvo specializes in automaking. Affected by the COVID-19 crisis, Sany's expense ratios have decreased by around 0.65%. However, the increasing need for pump truck markets helped to increase Sany's operating incomes in June and July, with Volvo as its chassis provider.
Regarding Volvo, cooperation with Sany would further expand its business in China. According to Volvo’s annual report, there is a strong demand for Volvo cars in the Chinese market, with a sales growth of 18.7% compared with last year. As a whole, its retail sales in China have occupied the highest percentage of its overall sales – 29.91%.