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Volvo Group is accelerating its entry into the domestic commercial vehicle sector. Recently, after the group invested 70% of its shares in Shandong Lingong, the two parties signed a letter of intent to increase the registered capital of the company by nearly 20%. This intention is pending approval by the relevant state departments. Volvo said that the two parties will adopt dual brands, Volvo products are mainly concentrated in high-end products, and temporary products mainly in the low-end, the two sides to achieve complementary advantages.
According to reports, Volvo's capital increase in Shandong will reach more than 90 million US dollars. After the capital increase, Shandong Lingong will have an existing production capacity of 15,000 to 16,000 vehicles, and will be among the top three players in the industry within three to four years. It is reported that from October 11 to November 9 nearly one month, Volvo Group held a series of activities in the newly completed “Volvo Center†in the Lincang Industrial Park to show the preliminary results achieved by the two parties' integration and introduce the next stage. The development strategy.