Trending: Geely Automobile, Volvo Car to Set Up Hybrid Joint Venture
08 November 2022 - 7:22AM
Dow Jones News
0551 GMT -- Geely Automobile Holdings Ltd. is one of the most
mentioned companies in the news over the past four hours, according
to Factiva data, after it and Sweden's Volvo Car AB announced a
move to increase Geely's stake in a maker of powertrain systems for
hybrid cars. The companies said Tuesday that Volvo is selling a 33%
stake in Aurobay to Geely and that they have agreed to structure
the company as a 50:50 joint venture. Aurobay was formed as a
stand-alone business in 2021, when Volvo Cars Powertrain
Engineering Sweden--including its Skovde-based engine plant and
related research-and-development team, along with its China engine
plant--was carved out from Volvo Car Group. Aurobay will continue
to supply powertrain systems to Volvo as well as "multiple brands"
worldwide, Volvo said. The companies didn't provide financial
details on the agreement. Dow Jones & Co. owns Factiva.
(jacques.vanwersch@dowjones.com)
(END) Dow Jones Newswires
November 08, 2022 01:07 ET (06:07 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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