Geely to boost investment in Sweden

China’s Geely Holding Group Co., Ltd. will continue expansion of its investment in Sweden and has applied for new investment opportunities in Swedens official agency for direct foreign investments, Invest: Sweden. Sources said that Geely would start research and development in environment-friendly sedan, alternative fuel, and hybrid power technology fields, and take part in cooperation projects in the safety field, with Sweden as the base. Geely may strengthen its cooperation with Swedish auto technology consulting firms like Semcon and HiQ by means of acquisition, share purchase, and so on, according to Stefan Ostling, head of the Automotive business unit at Invest: Sweden. In addition, Geely will integrate its supplier system with Sweden’s Volvo, which it recently acquired. (August 27, 2010)