TOKYO: Volvo Group agreed to sell its UD Trucks unit to Isuzu Motors Ltd for about US$2.3bil and announced plans to forge a strategic alliance with its Japanese rival, the latest sign of consolidation in the global automotive industry.
UD Trucks, based in Saitama, Japan, used to be part of Nissan Motor Co before it was sold to Volvo more than a decade ago. Isuzu, which sold 530,000 vehicles last year, will acquire all of the truck maker, the companies said in a statement on Wednesday.
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