Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
by Staff Writers
Stockholm (AFP) Aug 23, 2013
Auto maker Volvo, the Swedish subsidiary of Chinese-based Geely Group, said on Friday it had received the green light from Beijing to build a second and third plant in China.
An engine plant in the north Chinese city of Zhangjiakou will become operational during the autumn of this year, while an assembly plant in northeast China's Daqing city will be fully operational in 2014, the company said in a statement.
Both companies are joint ventures, in which Volvo holds 30 percent and companies under the Geely Group hold the rest, the company said. The statement did not provide a figure for the size of the investment.
Volvo has made China a priority, as it struggles with a European car market in crisis and remains a marginal brand even in the United States, its biggest national market.
Volvo, which has an existing plant in the southwest Chinese city of Chengdu, was bought in 2010 by Geely, whose brands -- Geely, Gleagle, Emgrand and Englon -- are virtually unknown in the West.
Car Technology at SpaceMart.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|