AUTO INDUSTRY NEWS

Geely Signs Technology Transfer Deal with Volvo Cars

Geely Signs Technology Transfer Deal with Volvo Cars image

Text: / Photos: Geely Press | posted March 22, 2012 18:40

Technology transfer deal to boost product competitiveness

Time to say hello to safer Geely cars. From the time that Volvo Cars have been acquired by Geely Holding Group last 2010, it has been making sound development in its global business for the past two years. As the Technology Transfer Agreement has been recently concluded, Geely can, and will now employ the advanced technologies authorized by Volvo cars to improve its vehicle quality.

“This significant step is of strategic importance to the development between Geely and Volvo. The signing of this Agreement is a sound step in the direction of improving the competitiveness of both brands and preparing them for different markets,”’ said Mr. LI Shufu, Chairman of Geely Holding Group.

Mr. AN Conghui, CEO and President of Geely Holding Group and Stefan Jacoby, CEO and President of Volvo Cars both signed the Technology Transfer Agreement in Shanghai. Mr. GUI Shengyue, President of Administration of Geely Holding Group and other senior executives of both entities also witnessed this historic moment.

Officers

Mr. AN and Mr. Jacoby expressed that Geely and Volvo Cars committed to the deepening of the alliance further to meet the needs of customers in the ever competitive global automobile market. Currently, the both parties are proactively driving the development of small emissions, high-performance and green engines, showcased in an environment-friendly small car platform, and merging technologies of energy cars such as hybrid and plug-in vehicles.

“Geely will make full use of the technologies authorized by Volvo Cars to develop and produce its high-end products, enrich its product portfolio and thus improve its competitiveness.” said Mr. AN Conghui.

‘The strategic move adds more value for us both. We look forward to exploring the Chinese market and making it our second home market.’ said Mr. Jacoby.