It marks the latest example of consolidation in the engine manufacturing sector as tighter emissions rules hike development costs at a time when the expansion of electric cars calls into question the long-term demand for gas guzzlers.
That will allow the Gothenburg, Sweden-based brand to more sharply focus its resources on building and developing a range of entirely electrified premium cars. Combining its operations with those of Chinese partner Geely will help achieve cost savings, Samuelsson said. Geely bought Volvo Cars in 2010 from Ford Motor Co, allowing the Swedish brand to operate on an arms-length basis. But in recent years, it has deepened cooperation between the two brands.
Volvo in 2018 postponed plans to seek a separate stock market listing for the Swedish carmaker, blaming trade tensions.
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