Volvo knows that the future of automotive industry is based on the technology you find in your car and on how green your car will be. So together with its parent company, Geely, Volvo completed the formation of two new entities to share existing and future technology and provide the economies of scale that will allow them to more rapidly develop next generation electrified vehicle technology.
As a result, a new technology joint venture will be formed called GV Automobile Technology (Ningbo) Co. Ltd. It will be 50/50 owned by Volvo Cars and Geely Holding and headquartered in China with a subsidiary in Gothenburg, Sweden.
This way, GV Automobile Technology will seek synergy benefits for Volvo Cars, Geely Auto and LYNK & CO through two units controlling technology access as well as procurement.
A separate LYNK & CO company, fully responsible for the LYNK & CO car line, will also be formed, jointly owned by Volvo Cars, Geely Holding and Geely Auto, with a newly constituted board of directors.
Volvo Cars will hold 30 per cent of the shares in LYNK & CO, while Geely Auto will hold 50 per cent and Geely Holding 20 per cent of the new company. Volvo Cars’ significant minority shareholding reflects Volvo Cars’ support to the LYNK & CO brand both now and in the future.
Volvo Cars and Geely already share technology, most notably the Compact Modular Architecture (CMA), which is being used by Volvo Cars for its soon-to-be-announced smaller range of 40 series cars and by LYNK & CO.