Volvo Trucks and Jiangling Motors said they would not pursue the previously announced transaction involving the acquisition of JMC Heavy Duty Vehicle and its manufacturing site in Taiyuan, Shanxi province, China.

“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,” a statement said.

“We will continue the efforts to develop our presence,” said president Roger Alm.