Geely Automobile Group (hereinafter referred to as "Geely Automobile") and Volvo Car Group (hereinafter referred to as "Volvo Car") under Zhejiang Geely Holding Group are exploring the possibility of merging their engine business with a view to establishing a global leading powertrain business unit , Research and development, production of leading powertrains and hybrid powertrains.
The project is currently in the planning stage, and it must be implemented after both parties have reached a merger intention and completed due diligence. The plan is to help Volvo Cars accelerate the process of full electrification. Volvo Cars is committed to selling pure electric and hybrid vehicles in half of all models by 2025. Volvo Cars will still source efficient powertrains and hybrid systems from the new business unit.