A Volvo hybrid vehicle is seen on the media day of the Brussels Motor Show at the Expo Center in Brussels, capital of Belgium, on Jan. 10, 2013. (Xinhua/Wang Xiaojun)
BEIJING, Jan. 26 (Xinhua) -- China's homegrown carmaker Dongfeng Motor Corporation signed an agreement on Saturday with Sweden-based AB Volvo to jointly develop commercial vehicles.
Under the agreement, Dongfeng and Volvo, holding the shares of 55 percent and 45 percent of the new firm, respectively, will set up a jointly owned company to launch a new brand of commercial vehicle named "Dongfeng."
Branded products will cover medium and heavy-duty trucks, passenger cars and special purpose vehicles, as well as auto parts including chassis, engines and gear box.
Dongfeng Motor, a major auto manufacturer in China, has cooperated with many world-leading carmakers like Renault Group and Nissan Motor.
The company produced 264,017 vehicles in 2012, down 17.79 percent from the previous year, while its sales decreased 17.5 percent to 263,210 units, according to a report filed on Jan. 14 with the Shanghai Stock Exchange by its listed company, Dongfeng Automobile Co..
Volvo eyes China, U.S. for sales rebound
SHANGHAI, Jan. 22 (Xinhua) -- Auto manufacturer Volvo Car Group expects the Chinese and U.S. markets to support a turnaround in its global sales in 2013 after reporting its first loss in three years.
Hakan Samuelsson, the company's president and CEO, said the U.S., its largest market, and China, its second-largest overseas buyer, will help raise its shrinking global sales, which have been weighed down by the European economic recession. Full story
French carmaker Renault sells stake in Volvo for 1.92 bln USD
PARIS, Dec. 13 (Xinhua) -- Renault, one of France's leading automakers, announced on Thursday that it had sold its remaining stake in the AB Volvo group for 1.47 billion euros (1.92 billion U.S. dollars) as part of its plans to boost the group's financial assets. Full story