Differences have arisen between Volvo and its new Chinese owners, Geely, over a planned expansion of the Swedish carmaker’s business in China.
While Geely wants to build up to three Chinese plants to profit from that country’s rocketing car sales, Volvo’s Gothenburg-based management want to build a solid business case before expanding, according to several people close to the discussions.
“The board will not decide about investing if they don’t have a business case with black figures and good margins,” said one of these people, who requested anonymity. “We need to walk before we run.”
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