Volvo to exit JV with China National Heavy-Duty Truck Group

• Source: Caijing.com.cn
• [08:41 July 24 2009]
• Comments

Volvo is set to exit from its 1.6 billion yuan joint venture with China National Heavy-Duty Truck Group Corp., a senior person close to the situation told Caijing on July 22.

According to Ni Guixiang, head of CNHTC's public relations department, Volvo's decision was made around July 15, when Germany's MAN announced a 560 million euro strategic investment in Sinotruk.

The Shandong government-owned CNHTC holds a 51-percent stake in Sinotruk.

In 2003, Volvo established the 50-50 heavy-duty truck venture, Jinan Huawo Truck Ltd., with CNHTC.