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There is also a Volvo Baltic Race and Volvo Pacific Race, and Volvo likes to encourage its image by sponsoring golf tournaments all over the world including major championship events called the Volvo Masters and Volvo China Open. Volvo sponsored the Volvo Ocean Race, the world's leading round-the-world yacht race for the first time in 2001–02 ...
Li founded Geely in November 1986; it is now the second-largest private automobile manufacturer in China. [4] On 28 March 2010, Geely signed a deal worth US$1.8 billion to buy Swedish automobile manufacturer Volvo Cars from American automobile manufacturer Ford Motor Company. [5] It was the largest foreign purchase by a Chinese car manufacturer.
In 1930, Volvo sold 639 cars, [12] and the export of trucks to Europe started soon after; the cars did not become well known outside Sweden until after World War II. [12] AB Volvo was introduced at the Stockholm Stock Exchange in 1935 and SKF then decided to sell its shares in the company.
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The rule that prohibited foreign automakers from setting up more than two joint ventures in China was also lifted in 2022. Therefore, it became legally possible for the foreign automakers to buy out local partners from joint ventures. In 2022, BMW and Volkswagen had acquired 75% stake in their joint ventures. [27] [28]
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In 2017, Geely acquired an 8.2% stake of Volvo AB, which is also about 15% of votes. [130] [131] In January 2024, Geely announced to reduce its holdings in Volvo Group by 685 million USD. The stake has been lowered from 8.2% to 6.8%. Despite the reduction, Geely remains the second-largest shareholder in Volvo Group. [132] Renault Korea (34.02% ...