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