Volvo Car Corp. will take full ownership of a Swedish car assembly joint venture that it started eight years ago with Italy's Pininfarina S.p.A.
Volvo said it will assume responsibility for Pininfarina Sverige AB and its operations in Uddevalla, Sweden, in May 2013.
The factory will continue to build its sole model, the Volvo C70 convertible. Volvo sold 4,703 units of the C70 last year, down 1.7 percent from 2009, according to researchers JATO Dynamics.
The joint venture between Pininfarina and Volvo was created in 2003.
Pininfarina CEO Silvio Pietro Angori said his company'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," he said in a statement.