Geely Automotive Holdings (GELYF)

[jimbonano]

February 22, 2012

Geely, Volvo to set up China JV, plans joint brand

(Reuters) Zhejiang Geely Holdings Group Co said on Wednesday that it plans to set up a joint venture with unit Volvo Car Corp in China and hopes to announce a project to develop and produce an indigenous brand of cars with Volvo in two months.

Geely, which bought Volvo Car in 2010 and controls Hong Kong-listed Geely Automobile Holdings Ltd, would set up a 50/50 joint venture with Volvo, spokesman Yang Xueliang quoted Chairman Li Shufu as saying.