Volvo set to merge with parent firm Geely

Bosses reveal plans to merge into single company with aim of completing before end of 2020

Volvo set to merge with parent firm Geely
Volvo Car AB and Geely Automobile Holdings Limited are considering combining their businesses to create a strong global group.

Volvo and parent company Geely have confirmed plans to merge into a single company.

The Swedish car maker has been owned by Chinese giant Geely Holding since 2010 has remained a separate firm from Geely Automobile Holdings, which owns brands including Lotus, Polestar, Lynk&Co, Proton and LEVC. 

Volvo Cars and Geely will create a joint working group to prepare a proposal to their respective boards.

Bosses say the move would accelerate financial and technological synergies between the two companies, claiming it would have “the scale, knowledge and resources to be a leader in the ongoing transformation” of the automotive industry. 

Li Shufu, chairman of Geely Holding Group said: “A combination of the two companies would result in a strong global group.

“We look forward to working with Håkan Samuelsson, president and CEO of Volvo Cars, to further investigate this opportunity with the goal to strengthen the synergies within the Group while maintaining the competitive advantage and the integrity of each individual brand.”

A Volvo spokesperson has said the aim was to finalise merger by the end of the year.

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    Mark Bradbury

    Volvo entered the downward spiral when it joined forces with Ford Motor Company and fitted cheap FoMoCo components on its range. Then it joined up with Geely. The customer loyalty of old are loosing interest fast. But then who cares, its tomorrow’s sales figures and latest gizmos that’s important isn’t it? So sad.

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