Volvo Cars and Geely Automobile are planning to merge in a move that would bring the Swedish company back to public markets and create China’s first global carmaker.
The proposal, announced on Monday, comes 18 months after Volvo Cars abandoned an attempt to list independently, against a backdrop of growing consolidation in the car industry.
Li Shufu, chairman of both Geely and Volvo Cars, has spent more than a decade assembling a portfolio of brands outside China to complement his domestic car manufacturing business. They include Britain’s Lotus and black taxi maker LEVC as well as Malaysia’s Proton. Geely called off talks to invest in luxury carmaker Aston Martin only weeks ago.
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