Volvo Cars to buy parent Geely Holding's stake in China JVs

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STOCKHOLM (Reuters) – Volvo Car Group said on Wednesday it had reached an agreement with Geely Holding to acquire its parent’s stake in the companies’ joint ventures in China.

The agreement would aim to have Volvo Cars take full ownership of its production plants and sales operations in the world’s biggest auto market, the company said in a statement.

Under the deal, whose financial details were not disclosed, Volvo will have full ownership of its manufacturing plants in Chengdu and Daqing, its national sales company in China and its R&D facility in Shanghai, the company said.

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