Geely Holding said on Wednesday it and Volvo Cars Cooperation will jointly set up a research and development center in Sweden to develop vehicle platforms and other key components.

Geely, which is the owner of Volvo and Geely Auto, also said it will continue to improve its product quality and learn from Volvo.

"However, the sharing of knowledge and technology has to be done without jeopardizing brand integrity and individual product development. We believe a stand-alone, yet joint R&D Center, with a focused approach, is the best way to achieve this," says Li Shufu," Chairman Li Shufu said in a statement.

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