By KotVadim [CC BY-SA 4.0] via Wikimedia Commons
Geely, a Chinese firm and the maker of the iconic black cabs of London and the owner of Volvo cars, has acquired a stake in the truck business of Volvo.
It has acquired an 8.2 percent stake in the Swedish company from Cevian Capital, an activist investor, providing it with 15.6 percent of voting rights.
The car and truck business of Volvo were separated in 1999 when the former was sold to Ford. Geely bought the car business in 2010.
Li Shufu, the Geely Holding chairman, stated: “We are delighted to have reached an agreement with Cevian to acquire its holding in AB Volvo, making us the largest shareholder by capital in a company that leads the world in many aspects of commercial vehicle development, manufacturing and sales.”
Geely acquired Lotus, the legendary British car maker, earlier this year and a startup from the United States that is developing flying car technology.