Mercedes-Benz can become a supplier of engines for VolvoApril 20, 2018
Concern Daimler AG, which owns Mercedes-Benz, can become a supplier of engines and components, as well as a minority shareholder of Volvo. In addition, the companies intend to conclude an agreement on a technology partnership and jointly develop a platform for electric vehicles. This is reported by the business publication Manager Magazin.
In February of this year, the largest shareholder of Daimler AG was the chairman of the board of directors and the main owner of the Chinese holding Geely, who also owns Volvo, Lee Shufu. He bought 9.69 percent of the company’s shares for nine billion dollars. According to Li Shufu, cooperation with the German company will be centered around the development of electric vehicles and autonomous control systems.
Volvo joined the holding company Zhejiang Geely Holding Group in the summer of 2010. The Chinese group bought 100 percent of the shares of the Swedish brand from Ford for 1.8 billion dollars. Besides Volvo, Geely owns the Lotus brand and Polestar.
Under the leadership of the new owner of Volvo completely revised model range, it has developed three- and four-cylinder engines, as well as modular platform SPA and CMA. At the end of 2015, brand sales for the first time exceeded half a million cars.