Geely Buys 8% Stake in Volvo Trucks

China’s Zhejiang Geely Holding Group Co. has spent an estimated 27.2 billion kronor ($3.3 billion) to acquire 8.3% of Swedish truckmaker AB Volvo, Reuters reports.

Geely bought the stake, which includes about 16% of the voting rights, from investor Cevian Capital. Reuters says the deal makes Geely the largest single shareholder in Volvo Trucks and the second-largest in terms of voting rights after Swedish investment firm Industrivarden.

Geely says it has no immediate interest in recombining the truck company with Volvo Car Corp., which it bought from Ford Motor Co. in 2010. Ford had acquired the carmaking unit after it was spun off from AB Volvo in 1999.

Separately, AB Volvo owns 45% of a truckmaking venture formed in 2015 with Dongfeng Motor Group to make a wide range of medium- and heavy-duty trucks for the Chinese market.

Geely has been on an expansionary quest all year. In August the company said it had no plan “at the moment” to buy Fiat Chrysler Automobiles NV, after being identified as one of four companies with an interest in the company.

In September Geely acquired 49.9% of Malaysian carmaker Proton Holdings Bhd. and 51% of Proton’s Group Lotus unit. Last month the company made an unsuccessful bid to buy a 5% stake in Daimler, according to Reuters.