Volvo Car Corporation and Pininfarina S.p.A. has agreed upon the termination of the joint venture agreement regarding Pininfarina Sverige AB and its operations in Uddevalla, Sweden.
Volvo Car will take over the complete ownership of Pininfarina Sverige and its operations in Uddevalla. The take over of Pininfarina Sverige will take place in May 2013.
Pininfarina CEO Silvio Pietro Angori said epochal changes have occurred in the last three years, particularly in the automotive world.
“Epochal changes have occurred in the last three years, particularly in the automotive world. Pininfarina’s future rests on design and engineering services, sustainable mobility and brand value enhancement. This is why, after a long-lasting and very successful cooperation with Volvo Car Corporation, we are now approaching our future on different basis,” explained Pininfarina chief executive Silvio Pietro Angori.
“The joint venture between Volvo Car Corporation and Pininfarina has been fruitful, a true win/win situation. When we now put an end to our cooperation it is with a mutual understanding and in a time with new challenges for both companies,” stated Volvo Car Corporation president and chief executive Stefan Jacoby.
Pininfarina Sverige AB in Uddevalla, Sweden, was established in 2003 as a joint venture (JV) between Volvo Cars and Pininfarina. The JV was owned 60% by Pininfarina and 40% by Volvo.
The C70 model—the first car built by the joint venture—was launched on 13 April 2006, sharing the Volvo P1 platform used in the S40.