Volvo to launch automotive JV
30 March 2004
Volvo announced it formed a US$105 million engine joint venture with China National Heavy Truck Corporation and First Automobile Works. Sweden-based Volvo will hold a 52% stake in the venture's production facility and Chinese partners will each hold 24% stakes. The new plant is scheduled to produce 50,000 engines annually by 2010. Information about location of the plant was not disclosed.
