Subscribe free to our newsletters via your
. 24/7 Space News .




CAR TECH
Volvo acquires 45 percent of Chinese vehicle maker
by Staff Writers
Stockholm (AFP) Jan 05, 2015


China expansion sees Volvo Cars beat sales record
Stockholm (AFP) Jan 05, 2015 - Swedish automaker Volvo Cars announced Monday it had beaten its historical sales record in 2014, mainly due to a successful expansion in China.

Volvo sold 465,866 cars over the year, a number higher than the company's previous best from 2007 and 9 percent more than in 2013.

The group, which has belonged to Chinese automaker Geely since 2010, welcomed in a statement the "strong growth in China and western Europe."

In China, now Volvo's biggest market, sales soared by 33 percent compared to 2013, more than double the increase for the car market as a whole. The automaker benefited from a good image among consumers, with full Chinese ownership of three plants in the country.

In western Europe, Volvo's sales increased by 11 percent, with notable bright spots in Sweden, where sales rose by 17 percent, Germany, up 18 percent, and Great Britain, up 26 percent.

But in what was once the company's main market, the United States, sales dropped by 8 percent.

Volvo Cars has given no indication of its financial results. Geely, after accumulating losses until mid-2013, has begun to operate at a profit.

"This sales growth is set to continue in 2015 and beyond as we set about replacing our entire model range in the next five years," said Volvo's vice president of marketing, Alain Visser.

In December Volvo announced a new marketing strategy that includes fewer motor shows, less sports sponsorship and a greater emphasis on online sales.

Swedish truck maker Volvo Group said Monday it had completed the acquisition of 45 percent of a subsidiary to Chinese motor giant Dongfeng for $893 million (741 million euros).

Announced in January 2013, and now confirmed by Beijing, the deal awards Volvo a share in Dongfeng Commercial Vehicles (DFCV) worth 5.5 billion yuan.

The other 55 percent remains in the hands of the parent company, Dongfeng Motor Group, one of the main shareholders of the French carmaker PSA.

"This strategic alliance is a real milestone and entails a fundamental change in the Volvo Group's opportunities in the Chinese truck market, which is the largest in the world," Volvo wrote in a statement.

Dongfeng controls between 15 and 18 percent of the truck market in China.

The partnership confirms Volvo's ambition to overtake Germany's Daimler as the largest truck manufacturer in the world.

"Volvo's ownership in DFCV is expected to be recognised as an associated company and will be consolidated as of January 2015" in the company's accounts, the statement said.

The automaker Volvo Car, which since 1999 no longer belongs to Volvo Group, has also turned toward the Chinese market since its acquisition in 2010 by Geely, a group whose car models are unknown in the West.

shc/ph/boc

VOLVO AB

Dongfeng Motor Corporation

PSA PEUGEOT CITROEN

DAIMLER


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








CAR TECH
Uber rings in New Year with two million rides
San Francisco (AFP) Jan 02, 2015
Car-sharing startup Uber on Friday bragged it rang in the New Year with two million rides, many of them apparently to revellers heading home in early morning hours. And while demand for rides spiked from one to two in the morning in most cities where Uber operates, partiers in Paris didn't put pressure on the service until after 4 am local time (0300 GMT). The Uber smartphone application ... read more


CAR TECH
Russian Company Proposes to Build Lunar Base

'Shooting the Moon' with Satellite Laser Ranging

Moon Express testing compact lunar lander at Kennedy

UK Plans to Drill Into Moon, Explore Feasibility of Manned Base

CAR TECH
Mars rover Opportunity suffering from 'amnesia' says NASA

Mars mission boost welcomed by scientists

U.K. researchers plan to grow lettuce on Mars

Tales from a Martian Rock

CAR TECH
LG out to clean up with first-ever Twin clothes washer

'Smart pot' watches over house plants

Club Med, far from its founding tents, turns to luxury-seeking tourists

'Connected life' at the heart of CES electronics show

CAR TECH
China launches the FY-2 08 meteorological satellite successfully

China's Long March puts satellite in orbit on 200th launch

Countdown to China's new space programs begins

China develops new rocket for manned moon mission: media

CAR TECH
ISS Crew to Raise Toasts for New Year's Eve 16 Times

The worst trip around the world

Bright lights: big cities at night

NASA, SpaceX Update Launch of Fifth SpaceX Resupply Mission to ISS

CAR TECH
Soyuz Installed at Baikonur, Expected to Launch Wednesday

SpaceX to try ocean platform landing of Falcon rocket

United Launch Alliance Concludes Banner Year

China Launches New Meteorological Satellite

CAR TECH
Stretched-out solid exoplanets

Kepler Proves It Can Still Find Planets

NASA's Kepler Reborn, Makes First Exoplanet Find of New Mission

Super-Earth spotted by ground-based telescope, a first

CAR TECH
China replaces rare earth quotas with export permits

Lawsuit accuses Apple of storage sleight of hand

Fukushima Radiation to Reach Peak Levels Off US West Coast in 2015

Studies on exotic superfluids in spin-orbit coupled Fermi gases reviewed




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.