Volvo has said that it is pulling out of a Chinese truck venture that it says has not been as successful as expected.

The Volvo Group, Sinotruk (BVI) Limited and China National Heavy Duty Truck Group Corporation (CNHTC) have signed an agreement whereby Sinotruk (BVI) Limited, a wholly-owned subsidiary of China National Heavy Duty Truck Group Corporation, and CNHTC agrees to purchase all of Volvo Group's equity interest in Jinan Huawo Truck Corporation (Joint Venture).

Volvo holds a 50% equity interest.

The partnership commenced in 2003, but Volvo says the JV has 'for various reasons not become the business success that both parties had expected'.
The newly-signed agreement is subject to government approval.