The Chinese government has given its approval to a trucks JV involving AB Volvo and Dongfeng.
The National Development and Reform Commission (NDRC) in China has given its formal approval for the establishment of a joint venture between the Volvo Group and Dongfeng.
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AB Volvo has signed an agreement with the Chinese vehicle manufacturer Dongfeng Motor Group Company Limited (DFG) to acquire 45% of a new subsidiary of DFG, Dongfeng Commercial Vehicles (DFCV), which will include the major part of DFG’s medium- and heavy-duty commercial vehicles business.
Through the approval by NDRC an important step has been taken towards completion of the transaction. Completion is subject to certain conditions including the approvals of other Chinese authorities, which have not yet been obtained.
Completion of the transaction is currently expected to take place mid-2014. At completion of the transaction, Volvo Group says it will significantly strengthen its position in the medium-duty and heavy-duty truck segment.
The National Development and Reform Commission (NDRC) is a macroeconomic administrative agency under the Chinese State Council, with administrative and planning control over the Chinese economy.
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