Trending: Geely Automobile, Volvo Car to Set Up Hybrid Joint Venture

0551 GMT -- Geely Automobile Holdings Ltd. is one of the most mentioned companies in the news over the past four hours, according to Factiva data, after it and Sweden's Volvo Car AB announced a move to increase Geely's stake in a maker of powertrain systems for hybrid cars. The companies said Tuesday that Volvo is selling a 33% stake in Aurobay to Geely and that they have agreed to structure the company as a 50:50 joint venture. Aurobay was formed as a stand-alone business in 2021, when Volvo Cars Powertrain Engineering Sweden--including its Skovde-based engine plant and related research-and-development team, along with its China engine plant--was carved out from Volvo Car Group. Aurobay will continue to supply powertrain systems to Volvo as well as "multiple brands" worldwide, Volvo said. The companies didn't provide financial details on the agreement. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)

(END) Dow Jones Newswires

November 08, 2022 01:07 ET (06:07 GMT)

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