China’s Geely Automobile Holdings Ltd (吉利汽車) and its Swedish affiliate Volvo Cars are putting off earlier plans to merge, wagering that they would be more agile as standalone entities.
The manufacturers would preserve their separate corporate structures, while cooperating more closely on electrification, autonomous-driving technology and software, a joint statement said.
While they would no longer pursue a combination as announced last year, new listings could be on the table.
“This is about maintaining top-line momentum,” Volvo chief executive officer Hakan Samuelsson said in an interview. “A merger isn’t always positive. You risk losing momentum because there’s too much internal focus.”
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Volvo and Geely call off merger gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
The manufacturers will preserve their separate corporate structures while cooperating more closely on electrification, software and autonomous-driving technology
Volvo and Geely call off merger, agree to more collaboration bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.