In a foreign news report, Volvo said on Wednesday that the National Development and Reform Commission of China approved on January 7 that it will form a joint venture with Dongfeng Motor Group Co., Ltd. (0489-HK).
Volvo said that the transaction will also be approved by other departments and it is currently expected that the transaction will be completed in mid-2014.
In January last year, Volvo announced that it had reached an agreement with Dongfeng Motor to acquire a 45% stake in Dongfeng Commercial Vehicles, a new subsidiary of Dongfeng Motor, including most of the medium and heavy commercial vehicle business.
Volvo said on Wednesday that Volvo Group will significantly increase its position in the mid-size commercial vehicle and heavy truck markets after the transaction is completed.
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