Volvo Cars to acquire a remain stake in Chinese joint venture from Geely.

Volvo Cars, a Swedish luxury automobile marque, agreed to acquire a remain 50% stake in Daqing Volvo Car Manufacturing and Shanghai Volvo Car Research and Development, two Chinese car manufacturing plants and sales operations, from Geely, a Chinese multinational automotive company. Financial terms were not disclosed. “With this agreement, Volvo Cars will become the first major non-Chinese automaker with full control over its Chinese operations,” Hakan Samuelsson, Volvo Cars CEO.