Volvo to build Chinese car in Europe

A Chinese car will be built in Europe for the first time after plans were confirmed for Volvo to manufacture a Lynk & Co SUV in the Belgian city of Ghent.

Introducing the innovative Lynk brand to Europe will help to supply the growing demand for SUVs in Europe – a category of vehicle which is already tremendously popular in China.

Volvo cars of Sweden is owned by Chinese company Geely – or Zhejiang Geely Holding Group, to give the company its full name.

Geely is based in Hangzhou and also manufactures cars under its own brand, as well as being the parent company of the London Taxi Company.

The relationship between Geely and Volvo continues to blossom. In December, we reported that the Chinese firm will now become the largest shareholder in Volvo’s truck business.

Under the deal, Geely has furthered its investment in AB Volvo which is responsible for making trucks.

The agreement will see Geely take an 8.2 percent stake in AB Volvo, with an estimated value of over $3 billion, and become the largest single shareholder in the company.

from The Daily Mail International – Leading English Newspaper from Pakistan https://ift.tt/2Io16jH