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Volvo Trucks discontinues Chinese acquisition

Volvo Trucks has decided to discontinue the planned acquisition of a Chinese vehicle brand and its manufacturing site due to key conditions issues

Volvo Trucks has announced it has discontinued the acquisition of a heavy duty truck manufacturing operation in China.

Volvo says it and Jiangling Motors won’t pursue the previously announced transaction involving the acquisition of JMC Heavy Duty Vehicle and its manufacturing site in Taiyuan, which is situated in the Chinese province of Shanxi.

Volvo Trucks says the two parties won’t pursue the transaction due to the closing conditions of the transaction not being met.

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In the meantime, Volvo Trucks president Roger Alm says Volvo will continue to export trucks to customers in China.

“Volvo Trucks has a long history of successful business activities in China. We have great opportunities on the Chinese market and we will continue the efforts to develop our presence,” Alm says.

“Our long-term ambition is to grow our business and continue delivering our high-quality trucks to customers in China, together with our dealer partners in the country.”

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