Volvo Gives Up Bid for Shared Ownership in Chinese Dongfeng

Volvo has given up in its efforts to acquire shared ownership of Chinese truck producers Dongfeng.

The reason is a Chinese ruling that vetoes any foreign company having more than two co-ownerships in China. Volvo’s press manager told the Göteborgs Post newspaper that there should be new legislations to counter this.

Volvo already has a stake in four co-ownerships in China because some of them were older than the current legislation.

Should Volvo manage to include Dongfeng in its operations in the future, Volvo would pass Daimler to be the world’s biggest truck manufacturer. But for now, all discussions are on hold.

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