Volvo and Geely set up Dialogue and Cooperation Committee

08:54, November 08, 2010      

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Geely Automobile Holdings Limited (Geely: 0175 on Hong Kong Stock Exchange)and Volvo Car Corporation (VCC) announced today that a "Volvo-Geely Dialogue and Cooperation Committee(DCC)" has been set up to steer the future communications and joint efforts of both parties.

Mr. Stefan Jacoby, president and CEO of Volvo Cars Corporation and Mr. Gui Sheng Yue, CEO and executive director of Geely Automobile Holdings Limited, signed the Memorandum of Understanding and kicked off the forum in Shanghai today.


Mr. Stefan Jacoby (R), president and CEO of Volvo Cars Corporation and Mr. Gui Sheng Yue, CEO and executive director of Geely Automobile Holdings Limited, signed the Memorandum of Understanding. (Photo: Geely.com)

The DCC is a forum between the two companies to exchange ideas and information relating to the manufacturing and supply of automotive products,the development of new products and related technologies,marketing and distribution, talent training and other areas. No definite terms on the actual scope of cooperation have been concluded upon this announcement.

The DCC consists of 9 members, of whom each party will appoint 4 representatives and the chairman role is played by Mr. Li Shufu, the founder and Chairman of Geely Holding Group which owns VCC and Geely Automobile Holdings Limited. Chairman Li is an independent member of the committee.

Upon agreement between the members, The DCC will meet twice a year and meeting venues will rotate between Sweden and China. Both parties may from time to time by mutual agreements expand the cooperative scope from a discussion to cooperation in an agreed and specific area. Detailed terms of any such cooperation will then be set out in a definite agreement between the two parties.

Chairman Li Shufu congratulates the establishment of the DCC: "This forum echoes our strategy of ‘Geely is Geely, Volvo is Volvo'. Discussion will be carried out on equal footing, with an aim to make the best of Volvo's cutting-edge technology in safety and environmental care, and Geely's insights for the China market and customers. I am confident in the synergy and a win-win result."

Mr. Stefan Jacoby, president and CEO of Volvo Car Corporation said:"We are happy on the formulation of such a committee with Geely. Surely the mechanism will help us better envision our future in China and seize the momentum of fast expansion here. We want to enhance the competiveness of our brand and market share here so as to grow China into the second home market for Volvo."

Mr. Gui Sheng Yue, CEO and executive director of Geely Automobile Holdings Limited said: "Though the geographical locations of the two companies are far from each other, the candid dialogue and sincere cooperation between us will be close and constant. I bet that DCC will set a shining example of bilateral cooperation in the auto industry."

(Editor:王千原雪)

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