Dongfeng JV solidifies Volvo’s global status

It was a long time coming, but AB Volvo has at long last completed the purchase of 45% of the new Chinese joint venture company Dongfeng Commercial Vehicles Co (DFCV) for Yuan 5.5bn (US$886m). Plans for the move were first announced two years ago, in January 2013, and it took a full year for approval to come through from China’s National Development and Reform Commission (NDRC). As of January 2014, the deal was expected to close in mid-year but everything has taken longer than expected.