# Volvo Cars divests 33% stake in Aurobay to Geely Holding

Volvo Cars will divest its 33 percent holding in Aurobay to Geely Holding, exiting internal combustion engine development. The transaction is expected to close before end of 2022, with proceeds used for electric motor production in Skövde, Sweden.

- Type: Acquisition
- Announced: 2022-11-08
- Where: Sweden
- Status: announced
- Products: internal combustion engines
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Volvo Cars](https://endata.com/companies/21173.md)
- [Geely Holding](https://endata.com/companies/25757.md) (acquirer)
- [Aurobay](https://endata.com/companies/48003.md) (target)

## Sources

- [volvocars.com](https://www.volvocars.com/intl/media/press-releases/E31194DCF0E1BC87/), 2022-11-08: "Volvo Cars will divest its 33 percent holding in Aurobay to Geely Holding."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.