Shanghai, July 21, ZXZC - Volvo will sign a memorandum with its parent company Geely Auto to establish a joint-venture company with both sides holding 50% shares. Geely Group also confirmed the news by admitting that the two sides will achieve the share on advanced technologies and cooperative purchase on parts. The two sides will conduct deep and extensive cooperation on the above basis, to develop the next generation BEV platform technologies, which will be managed by the joint-venture company.

Besides, Geely Auto, Volvo and Geely Holding Group have signed a memorandum that Volvo will take shares on the global high-end brand LYNK&CO, with the final agreement being signed recently.

Li Shufu said that, “The inner cooperation among Geely Group is entering into a new period. All brands could achieve a better goal and meet customers’ demands from different sub-markets.”

Geely and Volvo all perform well in the first half of year, it can be expected that the above agreements could bring more developments for both sides.