There are drawbacks to being the property of a larger conglomerate, to be sure, but there are also benefits. Taking advantage of group buying power, shared developments costs and synergies with products from other divisions, for instance. And these are things that, since splitting off from Ford a couple of years ago, Volvo does not have at its disposal any longer.

That's why the Swedish automaker is looking for a partner with which to share development costs – specifically those attached to developing a new small car range. Volvo is presently preparing to unveil the V40 (teased in the picture above), a new five-door hatchback/sportwagon positioned against the increasingly lucrative market currently dominated by the likes of the Audi A3 and BMW 1 Series.

Whatever it is that Volvo needs to get its new projects off the ground and out on the road, apparently parent company Geely, the Chinese automaker that bought Volvo from Ford in 2010, doesn't have it.

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