According to a recent statement from Chinese carmaker Zhejiang Geely Holding Group, the group company plans to boost cooperation with Swedish auto manufacturer Volvo although the two sides apparently failed to agree on a previously explored merge.
In the statement, Zhejiang Geely Holding Group said the group company will work in cooperation with Volvo on developing “connected cars” equipped with advanced telecommunication systems. Zhejiang Geely completed its acquisition of Volvo in 2010 and the group company also plans on establishing a new firm to produce an electric vehicle with China’s leading internet search provider Baidu Inc.
China has been eager to bring eco-friendly cars to the mainstream by 2035 by phrasing out new sales of gas-powered cars, while President Xi Jinping has pledged to make the country carbon neutral by 2060.
Read the full article here