Göteborg, Sweden – Volvo has agreed to sell its 50 per cent stake in a joint venture with China National Heavy Duty Truck Group, which it held since the partnership commenced in 2003.

China National and its subsidiary Sinotruk have agreed to purchase all of Volvo Group’s equity interest in the joint venture, Jinan Huawo Truck Corporation.

Volvo said that for various reasons, the joint venture did not become the business success that both parties had expected..

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