HANGZHOU, June 28 (Xinhua) -- Chinese auto maker Geely Wednesday signed an agreement with Sweden to set up an innovation center.
Based in Volvo's western Swedish hometown of Gothenborg, the center will be Geely's largest investment in a research facility in Europe.
The innovation center, covering 70,000 square meters, will start operations in 2020, a new home for Geely's previous Gothenborg R&D center CETV and design center.
Geely acquired Volvo in 2010.
Geely is best known for its low-priced cars, but the company is reinventing itself as an innovator through new-energy and Internet-equipped vehicles.
Geely has four design centers in Sweden, Shanghai, Barcelona and California.