Volvo is 100% owned by Geely Automobiles in China. The founder of Geely personally owns 10% of the common shares of Daimler Benz AG in Germany. Geely is the largest privately-owned automotive manufacturer in China today.
Three of Geely’s people sit in the Daimler Benz AG Board of Directors. It is understood that there is now or will soon be a technical co-operation arrangement between Geely and Mercedes-Benz in manufacturing automobiles. Proton in Malaysia is also 50% owned by Geely, with Geely supplying all of Proton’s car models through local assembly of CKD parts in Malaysia.
US talk about decoupling from China?
The Polestar 3 will be produced alongside the next generation of electrified Volvo cars.
In January 2021 Volvo announced that by 2022 it will more than triple the electric car production capacity at its Ghent plant in Belgium, from today’s (50,000 units) levels to around 60% of the plant’s total production capacity. At that time the Ghent plant was the first and only Volvo plant making all-electric Volvo cars, but the company is now starting production also in other places around the world. Volvo will produce EV drive units in-house at its facility in Sweden.
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Source: Inside EVs, June 18, 2021 & January 11, 2021