Chinese car brand Geely has tapped the resources its subsidiary, Volvo, to design and manufacture a subcompact vehicle to market across the world.
The first phase of the development is happening in Sweden, where Chinese engineers can gain access to higher technology which will allow them to meet strict safety and emissions standards of big markets like the North America and Europe.
The plan is to sell it under the Geely brand exclusively and put it against popular subcompacts like the Yaris, Jazz and the Fiesta.
As exciting as this may all sound, it will take several more years before this subcompact can be seen in dealerships around the world.
"Geely's ambition is to raise its technological level, and you don't do that by taking ready-made products and putting them in your car," said Håkan Samuelsson, chief executive of Volvo Car.
Source: The Wall Street Journal