Volvo profit rises, plans tech-sharing Geely venture

Stockholm

SWEDEN'S Volvo Cars sold more vehicles in Europe and China in the first half that helped drive up earnings 21 per cent and said it would set up a joint venture with its Chinese parent to share technology with other brands in the Geely group.

Under Chinese ownership since being bought by Zhejiang Geely Holding Group from Ford in 2010, Volvo has taken on larger rivals such as BMW and Daimler's Mercedes-Benz with new premium models.

Volvo Car Group, one of Sweden's biggest companies by revenue, posted operating earnings of 6.8 billion Swedish crowns (S$1.1 billion) for the six months to June 3…