Volvo Trucks discontinues Chinese acquisition

In News, Volvo1 MinutesBy NZ Trucking magazineMay 17, 2023

Volvo Trucks has confirmed it will discontinue its planned acquisition of a heavy-duty truck manufacturing operation in China.

The previously announced transaction involving the acquisition of Jiangling Motor’s JMC Heavy Duty Vehicle Co., Ltd, and its manufacturing site in Taiyuan, Shanxi province, China, will no longer go ahead.

According to Volvo Trucks, the two parties will not pursue the transaction due to that the conditions for closing the transaction were not met. Volvo Trucks will continue to export trucks to customers in China.

“Volvo Trucks has a long history of successful business activities in China. We have great opportunities on the Chinese market and we will continue the efforts to develop our presence,” said Roger Alm, president Volvo Trucks.

“Our long-term ambition is to grow our business and continue delivering our high-quality trucks to customers in China, together with our dealer partners in the country.”