Geely Signs Technology Transfer Deal with Volvo Cars

9 March 2012, Hangzhou, China/ Gothenburg, Sweden. On March 9, 2012, Geely Holding Group and Volvo Cars signed a technology transfer deal, allowing Geely, the Chinese carmaker to enrich its product portfolio and boost its competitiveness.

In the Signing Ceremony, Mr. AN Conghui, CEO and President of Geely Holding Group and Stefan Jacoby, CEO and President of Volvo Cars represented both parties to sign the Technology Transfer Agreement in Shanghai. Mr. GUI Shengyue, President of Administration of Geely Holding Group and other senior executives of both parties witnessed the exciting moment.

Mr. AN and Mr. Jacoby expressed that Geely and Volvo Cars will make efforts in deepening the cooperation so as to meet the needs of customers in the ever competitive global automobile market. Currently, the both parties are pro actively driving the development of small emission, high-performance and green engines, environment-friendly small car platform, and technologies of energy cars such as eclectic, hybrid and plug-in vehicles.

‘To realize synergy effects between Geely Auto and Volvo Cars has significant strategic importance to the development of both parties. The signing of the Agreement is a sound step in the direction of improving the competitiveness of both parties and building the two brands for different market. ’ said Mr. LI Shufu, Chairman of Geely Holding Group.

‘Geely will make full use of the technologies authorized by Volvo Cars to develop and produce its high-end products, enrich its product portfolio and thus improve its competitiveness.’ said Mr. AN Conghui.

‘The strategic moving must create more added value for both parties. We look forward to exploring Chinese market and build the market into our second home market.’ said Mr. Jacoby.