Geely adds Swedish truck-maker AB Volvo to its long list of brands
MUSCAT: After having bought the Volvo Car Group in 2010, Zhejiang Geely Holding Group has accelerated its drive into commercial vehicle production by becoming the largest shareholder in Swedish truck and bus manufacturer AB Volvo by acquiring the Cevian Capital share in this company, which is valued at about $3.3 billion.
Zhejiang Geely Holding Group (Geely Holding) has acquired the European investment firm Cevian Capital’s entire 8.2% share capital holding and 15.6% voting rights. AB Volvo, considered to be one of the world’s leading manufacturers of trucks, buses, construction equipment, diesel engines, and marine and industrial engines, itself owns 45% of Dongfeng Commercial Vehicles, one of China’s largest truck-makers.
Earlier, the Chinese automotive giant Geely expanded its global presence after acquiring controlling stakes of 49.9% in Malaysian automaker Proton, 51% stake in the UK based Lotus sports cars and the US flying car company,
Geely Holding has acquired the European investment firm Cevian Capital’s entire 8.2% share capital holding and 15.6% voting rights
Terrafugia. More recently, Geely acquired a 9.69% stake worth $9 billion in Mercedes-Benz’s parent company, Daimler, becoming its largest shareholder.
A spokesperson of Towell Auto Centre (TAC), the sole distributor of Geely cars in Oman, said, “Geely is on a rapid expansion drive not just globally but is also diversifying into various verticals of vehicle production keeping the future trends in mind. Geely’s strategic partnerships with other automakers worldwide give the customer a greater choice, matched with innovation and technological excellence. The trust and confidence built by Geely are rapidly increasing its customer base in Oman, as well as 25 countries globally.”
Customers in Oman can experience a new world with Geely, as it integrates all these future technologies and global experiences and brings value products, which matches international style and quality at any one of the TAC showrooms which are open from 8.30 am to 1pm and a new afternoon timing of 3.30pm to 7.30pm, from Saturday to Thursday.