Volvo Car Corporation and China Development Bank Corporation today announced the signing of a Memorandum of Understanding (MoU) for a strategic partnership. Under the intent of the MoU, the parties will evaluate a possible cooperation related to China Development Bank's financing of certain Volvo Car Corporation research and development programs in the area of efficient energy technology, as well as production facilities in China.
The main purpose of the intended partnership between Volvo Car Corporation and China Development Bank is to safeguard Volvo's long-term competitiveness in the global automotive market and to further develop and intensify cooperation within the Sino-Swedish automotive industry.
Stefan Jacoby, CEO & President of Volvo Car Corporation, said: "I am very happy to announce the partnership with China Development Bank Corporation, as it will assist us in realizing our ambitious growth plans for the Chinese market and enhance our ability to develop clean, efficient driveline technologies."
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