All shares were divested to Geely, Volvo announced its withdrawal from internal combustion engine development and manufacturing

Thank CTOnews.com netizens for the delivery of pork ramen clues! CTOnews.com, 11 / 11 / PRNewswire-FirstCall-Asianet /-- according to an announcement issued by Volvo on November 8, in order to achieve electrification in 2030, Volvo will divest its 33% stake in Aurobay, a joint venture with Geely Holdings, to Geely Holdings, thus withdrawing completely from participating in the development and manufacture of internal combustion engines.

The move represents Volvo as the first carmaker in the world to withdraw completely from the development and manufacture of internal combustion engines.

Aurobay was founded in July 2021 as a joint venture between Volvo and Geely holding, in which Volvo holds a 33 per cent stake.

CTOnews.com learned that Volvo had planned that by 2025, 50 per cent of its global sales would be made up of pure electric models and 50 per cent would be hybrid vehicles, and that by 2030 the brand would switch to all electric vehicles.