Volvo Cars and Geely Auto have cancelled plans to merge and will instead pool electric vehicle technology and software development in efforts to drive savings across the two companies.
The tie-up plans, announced last February, were put on ice later in the year as Geely Auto, which is quoted in Hong Kong, pursued a separate listing in Shanghai that prevented it from merging during the sale process.
The two businesses, owned by Geely holding company, said on Wednesday they will combine several functions while remaining separate, including joint software development and procurement.
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