Photo of joint venture signing courtesy of Volvo.

Photo of joint venture signing courtesy of Volvo.

Volvo Cars and its parent, Geely Holding, have formed two entities to share existing and future technology to help accelerate the development of electrified vehicles for Geely vehicles in China and Volvo cars.

Geely Holding, which acquired Volvo Cars in 2010, signed the agreements with Volvo officials in Ningbo, China. Joint venture GV Automobile Technology Co. Ltd. will operated from a China headquarters with a subsidiary in Gothenburg, Sweden. The entities will also form Lynk & Co, which will be responsible for a car line.

Lars Danielson, former senior vice president of Volvo Cars and CEO of Volvo Cars Asia Pacific, will become the chairman of GV Technology, which will seek synergy benefits for Volvo Cars, Geely Auto and Lynk & Co through two units controlling technology access as well as procurement.

An Cong Hui, president and CEO of Geely Auto, has been named chairman of the board of Lynk & Co and Håkan Samuelsson, president and CEO of Volvo Cars, will serve as board director alongside Daniel Li, executive vice president and CFO of Geely Holding and Feng Qing Feng, group vice president and CTO of Geely Auto.