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Sino-Swedish Bus Joint Venture in Shanghai
Chinese and Swedish auto giants will build China's biggest bus production base in Shanghai, the country's leading industrial center.
Shanghai Automobile Industry Corporation, Volvo Bus Corporation, and Volvo China Limited signed an agreement here today to build the China-Sweden Shanghai Sunwin Bus Corporation, with a total investment of 97 million U.S. dollars.
With Chinese and Swedish sides holding 50 percent of shares respectively, the new company has a registered capital of 54.22 million U.S. dollars.
The firm is expected to go into production early next year and manufacture a variety of comfortable and environment-friendly Volvo buses to replace the traditional buses in China.
The Sino-Swedish joint venture has also set its eyes on the overseas market, said a senior official of the Volvo Bus Corporation.
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