Volvo to license technology to Chinese parent company
Volvo will license some of its older technology to its Chinese parent Geely under a new聽聽signed by the two companies recently.
The technology, which Volvo plans to phase out over the coming years, includes a mid-size vehicle platform, several safety systems and cabin filter technology.
Volvo, of course, is set to introduce a new聽聽that will spawn most of its future lineup.
According to聽, Geely will provide Volvo with its knowledge of the Chinese market and lower-cost production in return for the technology.聽
Volvo, which is facing shrinking sales in established markets such as Europe and North America, will focus its attention on new markets, especially on China where the automaker plans to聽聽in the coming years.
Geely hasn鈥檛 said which models it plans to use Volvo鈥檚 technology in, though the company鈥檚 chairman, Li Shufu, has previously stated that he鈥檇 like to launch a聽聽brand utilizing technology borrowed from Volvo.聽
