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ios developer account:Volvo CEO says negotiations to combine with Geely to resume in Q1

admin2021-03-03202

FRANKFURT, Dec 2 - Talks on a merger or alliancebetween Sweden's Volvo Cars <IPO-VOLVO.ST> and China's Geelyare likely to resume next year, Volvo Chief ExecutiveHakan Samuelsson said on Wednesday. Efforts by Geely to seek a listing on Shanghai's New StarMarket currently prohibit the Chinese carmaker from makingchanges to its capital structure, delaying the talks into 2021,Samuelsson told the Financial Times Future of the Car Summit. "Quarter one is more realistic next year. We have said weare looking at a combination and it could be done in differentways. Platform sharing and so on," Samuelsson said. Any effort to combine would be done with the aim ofpreserving the identities of each company and Volvo wants tocontinue to be able to tap markets to raise funds forinvestments in low-emission vehicles. "Volvo is of course very proud..and Geely is very proud oftheir brand and they of course also don't want to be part of amore European constellation. It is an opportunity to form somesort of an alliance," Samuelsson said. Geely has access to a lot of very efficient suppliers inChina and there is potential to do more together with them,Samuelsson said. "Let's see what is the best way forward." Separately, Volvo said it has sold environmental credits toFord Europe, as both companies face stringent fleet emissionsrules this year. REUTERS
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