Volvo Trucks discontinues the acquisition of heavy-duty truck manufacturer JMC in China
Volvo Trucks and Jiangling Motors will not pursue the previously announced transaction involving the acquisition of JMC Heavy Duty Vehicle and its manufacturing site in Taiyuan, Shanxi province, China.
Volvo Trucks and Jiangling Motors will not pursue the previously announced transaction involving the acquisition of JMC Heavy Duty Vehicle and its manufacturing site in Taiyuan, Shanxi province, China.
The two parties will not pursue the transaction due to that the conditions for closing the transaction were not met. Volvo Trucks will continue to export trucks to customers in China.
“Volvo Trucks has a long history of successful business activities in China. We have great opportunities on the Chinese market and we will continue the efforts to develop our presence. Our long-term ambition is to grow our business and continue delivering our high-quality trucks to customers in China, together with our dealer partners in the country,” says Roger Alm, President of Volvo Trucks.
In September 2021 Volvo Trucks agreed to acquire JMC Heavy Duty Vehicle, a subsidiary of Jiangling Motors, which includes a manufacturing site in Taiyuan, for an amount of RMB 0.8 billion (approximately SEK 1.1 billion). The objective was to start production of the new heavy-duty Volvo FH, Volvo FM and Volvo FMX trucks in Taiyuan for customers in China from the end of 2022.
