Geely agrees to buy Volvo.
Reuters reported that China’s automakers Geely and BAIC pushed ahead with plans to harness the technology of Ford’s and General Motors’ ailing Swedish brands Volvo and Saab in a bid to be global industry players.
US Ford Motor said that it had agreed all substantial commercial terms in a deal to sell its Volvo Car Corporation unit to China’s Zhejiang Geely Holding Group, parent of Geely Auto.
It said “While some work still remains to be completed before signing Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010.”
Source: Geely agrees to buy Volvo.
US Ford Motor said that it had agreed all substantial commercial terms in a deal to sell its Volvo Car Corporation unit to China’s Zhejiang Geely Holding Group, parent of Geely Auto.
It said “While some work still remains to be completed before signing Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010.”
Source: Geely agrees to buy Volvo.
