Volvo Cars and parent company Geely plan to merge development and production to create a division to supply in-house brands Geely Auto, Proton, Lynk & Co and London EV, as well as third-party customers, with combustion engines.
The merger is a step towards the transformation of the company in the direction of electrification and will create economies of scale, Volvo Cars Chief Executive Håkan Samuelsson has told DI.
Around 8,000 will be employed in the new company.
Volvo Cars has pledged that every new model launched from 2019 onwards will be electrified with its first all-electric XC40 making a debut next week.
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