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Volvo Cleared to Build Cars in China
Zhejiang Geely Holding Group Co. has won key regulatory approval to begin making Volvo cars in China, Bloomberg News reports.
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Zhejiang Geely Holding Group Co. has won key regulatory approval to begin making Volvo cars in China, Bloomberg News reports.
Unidentified sources tell the news service that China's National Development and Reform Commission has approved Volvo's plan. The approval awaits only the routine endorsement of China's State Council.
Last year Geely said it hoped to open Volvo assembly plants in Chengdu this summer and Daqing in 2015. The company also intends to supply those facilities from a new engine plant to be built outside Beijing.
Geely, which acquired Volvo in 2010, currently imports seven of the brand's models. Demand for the marque has jumped 31% so far this year, making China Volvo's second-largest national market after the U.S.
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