To expand in Chinese motor market, Volvo Trucks has announced to acquire JMC Heavy Duty Vehicle Co., Ltd. for approximately $126 million. JMC Heavy Duty Vehicle Co., is a subsidiary of Jiangling Motors Co., Ltd.
- The deal includes a manufacturing site in Taiyuan, Shanxi province, China
The objective is to start production of the new heavy-duty Volvo FH, Volvo FM and Volvo FMX trucks in Taiyuan for customers in China from the end of 2022.
- The operations in Taiyuan will include stamping, welding, manufacturing of cabs, painting and the final assembly of Volvo trucks.
The prominent deals and agreements by Volvo Group are featured below:
June 2021: To accelerate powertrain research and development in Maryland, the Volvo Group construct a $33 million a new, state-of-the-art Vehicle Propulsion Lab (VPL).
April 2021: To boost the hydrogen-based fuel, Daimler Truck AG and Volvo Group announced a new fuel-cell joint venture cellcentric. The new JV cellcentric, helps to accelerate the use of hydrogen-based fuel cells for long-haul trucks.
April 2021: For the production of concept vehicles, Volvo Group announced collaboration with SSAB. As per collaboration agreement they will research, develop, and commercialize the world’s first vehicles to be made of fossil-free steel.
March 2021: For the development of autonomous trucks, Volvo Autonomous Solutions of the Volvo Group, has announced a strategic partnership with Aurora. US-based Aurora is a self-driving company. This partnership will center on the integration of the Aurora Driver into Volvo’s on-highway trucks and the development of industry-leading Transport as a Service solutions.
Feb 2021: For sustainable transportation DHL Freight partnered with Volvo Trucks to speed up the introduction of heavy duty electric trucks. As per deal Volvos electric trucks to be used for regional transport in Europe.
Nov 2020: The Volvo Group announced a joint venture agreement with Daimler Truck AG to develop, produce and commercialize fuel-cell systems for use in heavy-duty trucks and other applications. The Volvo Group to acquire 50% of the partnership interests in Daimler Truck Fuel Cell GmbH & Co. KG for approximately $707 milliion.
Oct 2020: The leading commercial vehicles firm the Volvo Group and Isuzu Motors had signed a binding agreements to form a strategic alliance within commercial vehicle segments. The two companies have signed an Alliance Framework Agreement for a minimum duration of 20 years.
July 2020: Volvo Cars had announced an investment in Circulor a blockchain technology firm through the Volvo Cars Tech Fund. The investment will boost the traceability of cobalt used in the batteries of its electric cars.
June 2020: Volvo Car Group, including its strategic affiliates Polestar and Lynk & Co. International, announced a strategic partnership with Waymo, a world leader in fully self-driving technology development.
April 2020: Volvo Group announced an agreement to establish a new joint venture with Daimler Truck AG to develop, produce and commercialize fuel cell systems for heavy-duty vehicle and other applications.
About Volvo Group
The Volvo Group headquartered in Gothenburg, Sweden, is a leading manufacturer of buses, trucks, construction equipment, and marine and industrial engines. The company employs more than 100,000 people worldwide and has production facilities in 18 countries. Volvo sells its products in around 190 markets worldwide. The Volvo brand portfolio consists of Volvo, Volvo Penta, UD, Terex Trucks, Renault Trucks, Prevost, Nova bus, Mack and Arquus. Volvo Group partners include SDLG, Eicher and Dongfeng brands. The company also provides complete solutions for financing and services.