Volvo Car Corporation is currently under the watchful eye of the Chinese company, Geely. Because of this, the Swedish cars are finding their way on driveways in China more and more. To make sure that Volvo’s hold on global market stays secure, a Memorandum of Understanding (MoU) was recently signed with the China Development Bank Corporation for a “strategic partnership”. Not only could this further production facilities inside China, but the advancement of certain research and development programs for better energy-efficient technologies could get an added boost.
“I am very happy to announce the partnership with China Development Bank Corporation, as it will assist us in realizing our ambitious growth plans for the Chinese market and enhance our ability to develop clean, efficient driveline technologies,” said Stefan Jacoby, CEO for Volvo. In order to hit their goal of 200,000 vehicles sold in the country annually, Volvo must make sure its vehicles are cutting edge and innovative. They also need to make sure that each and everyone comes out of the factory right and China Development Bank will supply the financing to do so. Once the partnership is in full swing, Volvo can continue to push forward and safeguard its hold of the Chinese and global market.