Is Volvo wholly owned by Geely?

[StMia]

Volvo is a wholly-owned subsidiary of Geely. In terms of ownership, Volvo is directly under Geely Holding, but in terms of operation, Volvo has a completely independent management team separate from Geely Holding. To maintain the independence and equality of these two companies, their collaboration must be facilitated through a "Dialogue and Cooperation Committee"; the agreement for Geely Holding's acquisition of Volvo even explicitly stipulates that Geely cannot directly use the technologies developed by Volvo. Compared to the Volkswagen Group and Skoda, which share a highly similar "technical lineage" as parent and subsidiary, Geely Holding and Volvo appear more like brothers. In the early stages of Volvo's development, Geely Holding, as the elder brother, would step in to assist, but it would never directly interfere in Volvo's internal affairs; once Volvo matures, it will in turn contribute back to Geely Holding. This cooperative model between Geely Holding and Volvo has both advantages and disadvantages.