Citing the lack of success after six years together, the Volvo Group has reached an agreement with China National Heavy Duty Truck Group (CNHTC) and Sinotruck to sell its 50% stake in Jinan Huawo Truck Co. joint venture. The deal is subject to regulatory approval by Chinese authorities.

Sinotruck is a subsidiary of CNHTC, which has been operating Jinan with Volvo in a joint venture since 2003.  Jinan sells parts and performs assembly for Howo, Styer, Golden Prince and Sinotruck brand tractors and trailers, dump trucks, cement mixers, tankers.

"The joint venture has for various reasons not become the business success that both parties had expected," Volvo said in a statement. Terms were not disclosed.

According to Reuters, the venture produced fewer than 1,000 vehicles since 2003, and Volvo is moving closer to a deal with Chinese maker Dongfeng Motor Group. Co., which produces both commercial heavy duty vehicles and cars.