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CHINA

ABB lands Chinese electricity contract

Swedish-Swiss engineering group ABB has announced that it has won a $120 million order for an ultra high voltage electricity line in China.

The contract, with China’s State Grid Corporation (SGCC), is part of plans for a 2,090 kilometre (1,300 mile) power link to transport clean hydropower from Sichuan province in central-western China to the highly industrialized coastal area in the eastern province of Jiangsu.

The link is expected to be running in 2013, the firm announced on Wednesday.

The project “reflects the continued confidence of SGCC in ABB’s technologies and globally proven domain expertise,” in such high-voltage systems, said Peter Leupp, head of ABB’s power systems division.

“We have a long track record in China and are pleased to continue supporting the country in its efforts to strengthen the national power infrastructure and minimize environmental impact,” he added.

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CHINA

Sweden’s Volvo Cars may merge with Chinese owner Geely

Sweden's Volvo Cars and its Chinese owner Geely announced on Monday that they are considering merging into a single group in order to share resources, but would preserve their separate brands.

Sweden's Volvo Cars may merge with Chinese owner Geely
File photo of a Volvo test-drive. Photo: Christine Olsson / TT

The merged firm “would have the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry,” they said in a statement.

“The combination would preserve the distinct identity of each of the brands Volvo, Geely, Lynk & Co and Polestar,” they added.

Geely bought Volvo in 2010 from Ford which hadn't been able to turn around the Swedish automaker. But under the Chinese firm Volvo has rebounded and smashed its sales records.

Volvo sold more than 705,000 vehicles in 2019, besting the record it set in 2018 by 10 percent, and the automaker expects continued growth this year.

The statement said the firms would create a joint working group to prepare a proposal for the boards of both firms.

“A combined company would have access to the global capital market through Hong Kong and with the intention to subsequently list in Stockholm as well,” it added.

Volvo put off a share listing in 2018 due to tensions in global markets.

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