Geely 'won't jeopardize Volvo integrity'
Published: 21 Feb 13 07:52 CET | Print version
Online: http://www.thelocal.se/46316/20130221/
Volvo Cars owner Geely plans to create a research centre in Gothenburg, western Sweden, to capitalize on advanced European technology.
- Volvo Cars admits to 'unrealistic' sales targets (3 Jun 13)
- EU green lights Volvo and Dongfeng merger (8 May 13)
- Volvo posts biggest loss since financial crisis (25 Apr 13)
"Our group has ambitious goals to increase the competitiveness of our brands," Geely chairman Li Shufu said.
"Geely will continue to improve its product quality in the years to come and can learn from Volvo Cars," he added.
Li offered assurances the centre would not jeopardize Volvo's "brand integrity" and product development. Geely bought the firm from Ford in 2010.
Both companies have started recruitment of around 200 engineers from China and Sweden to staff the centre, the statement said.
Geely, one of China's largest private automakers, said earlier this month it had acquired the maker of London's black taxis for 11 million pounds ($17 million) after Manganese Bronze Holdings collapsed into administration.
Geely recorded 15 percent annual growth in domestic sales to 483,000 vehicles in 2012 and has targeted 16 percent growth this year to 560,000 vehicles.
AFP/The Local/at
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The problem everyone has with China is that they are only willing to copy without paying a dime for IP while at the same time using unfair rules to discriminate against foreign companies in their country
And where exactly is the Japanese going to find the money, if you hadn't noticed the only financially viable option (apart from the Russians and Saudis) is the Chinese.
Sorry to be the bearer of bad news Sven, but I think you will find the Chinese are less tolerant of your over paid under performing racist nepotism; as I have stated before, once they have concluded their technology transfer (copy rights included) don't be too shocked if the whole manufacturing process is shipped somewhere further east (my money is on Bulgaria).