The technology, which Volvo plans to phase out over the coming years, includes a mid-size vehicle platform, several safety systems and cabin filter technology.
Volvo, of course, is set to introduce a new modular platform dubbed SPA that will spawn most of its future lineup.
According to Reuters, Geely will provide Volvo with its knowledge of the Chinese market and lower-cost production in return for the technology.
Volvo, which is facing shrinking sales in established markets such as Europe and North America, will focus its attention on new markets, especially on China where the automaker plans to accelerate its growth in the coming years.
Geely hasn’t said which models it plans to use Volvo’s technology in, though the company’s chairman, Li Shufu, has previously stated that he’d like to launch a premium brand utilizing technology borrowed from Volvo.