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GELYY News -- DJ Volvo China Strategy Focuses On Chengdu Plant, ...

Thursday, December 9, 2010 8:22 PM

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News for 'GELYY' - (DJ Volvo China Strategy Focuses On Chengdu Plant, Board Member Says - Bloomberg)

DOW JONES NEWSWIRES

Volvo AB (VOLVY) is looking to start production in Chengdu in a bid to boost sales in China, Bloomberg News reported on its website Friday, citing the car company's board member.

The board agreed at a meeting that taking over an existing Geely Automobile Holdings Ltd. (GELYY) factory and converting it to produce Volvo cars would be the foundation of the company's China strategy, but added that no decision had been taken, the report said citing Marko Peltonen, who represents the IF Metall union on the board.

"To have a Volvo factory in Chengdu is the main track," Peltonen said by telephone late yesterday. "It wouldn't be a mixed factory, it would only be a Volvo factory."

Volvo hasn't set a timeframe for the decision, Peltonen said in the report, adding that the decision would also have to be made by local Chinese governments.

Full Story: http://www.bloomberg.com/news/2010-12-09/volvo-cars-china-strategy-will-focus-on-chengdu-plant-board-member-says.html

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(END) Dow Jones Newswires

December 09, 2010 20:22 ET (01:22 GMT)

Copyright (c) 2010 Dow Jones & Company, Inc.- - 08 22 PM EST 12-09-10

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