Volvo and Geely to Merge Combustion Engine Operations
October 7, 2019
Volvo announced today that it will combine its exisitng internal combustion engine development and production with parent company Geely, forming a new company to develop next-generation hybrids, and paving the way for Volvo to focus on developing future all-electric powertrains. By the middle of the next decade, Volvo expects half its global sales to be fully electric and the other half hybrid, supplied by the new unit. For Geely, the planned new entity means technologically-advanced and efficient combustion engines and hybrid powertrains would be available to Geely Auto, Proton, Lotus, LEVC and LYNK & CO. The planned new stand-alone business can also supply third party manufacturers, providing possible growth opportunities.