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Geely withdraws reported offer for Volvo

Geely withdraws reported offer for Volvo

Published: 16 Sep 2009 07:51 GMT+02:00
Updated: 16 Sep 2009 07:51 GMT+02:00

Chinese automaker Geely, which had previously indicated its intentions to own 100 percent of Volvo Cars, has scrapped plans to put together a bid for Ford’s troubled Swedish subsidiary.

Officials from Ford informed management of Volvo Cars that Geely no longer intends to prepare an offer to buy Volvo, the Dagens Industri (DI) newspaper reports.

“They explained over the weekend that they have never made such a statement,” Volvo CEO Stephen Odell told the newspaper.

Looking back, there were a number of peculiarities related to the continued back and forth about the alleged offer.

On the one hand, Geely CEO Gui Sheng Yue spoke on behalf of the entire Geely Group, but according to DI, he is only in charge of the Geely Automobile subsidiary.

In addition, he never admitted to being a part of the process or of having ever visited Sweden or Volvo.

TT/The Local (news@thelocal.se)

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Your comments about this article

10:08 September 16, 2009 by antoniolgj
So. TL has removed the comments from Kassir's report.

I see you guys are following step by step the manual "how to create a happy Orwellian state".

Mr. Editor do you really think ignoring what the people think about immigration in general, and Islam in particularly, will make them change their minds?
12:58 September 16, 2009 by Leprehcaun

This almost makes me religious, thank god and hallelujah! Now make volvo Swedish! I want to thank the local and my apparently sick teacher for making it possible for me to read this.
16:31 September 16, 2009 by overspraakstoring
Now that the Chinese have their hooks in via Saab, they can withdraw this feint. What folks do not particularly appreciate thoroughly in the West is that all Chinese companies such as Geeley, BAIC, etc that have made the news lately are government owned and operated. In so many words, one can not at once separate the State from industry as they so love to expound in America.

Even a decade ago, China via their ownership structure of industry were heavily involved in corporate espionage utilizing instruments of the Chinese State, however these days they are going around either buying or gaining access and control of a more advanced company outside China and then mining it for Intellectual Property. Whether that's simply learning how the marketing, supply chain works or the technical particulars surrounding welding and bonding a car or the super secret first coat formula that all car companies guard jealously.

I suppose one can level this accusation against Ford as well for taking Volvo technology and making its own cars that much better. One can safely argue there is a huge leap in quality improvement from the old Ford Taurus and the new Ford Taurus thanks to Swedish technology Ford absconded from Volvo. With respect to the Chinese though the end result is more competition from a less than savory competitor on the world stage.
17:03 September 16, 2009 by rio
Hej, by the way, the Geeley is totoally a private company which makes cheap simple cars.
17:06 September 16, 2009 by overspraakstoring
more examples of the instruments of the Chinese state at work : - )
17:29 September 16, 2009 by BCR
Hoo Ray!

Good riddance to bad rubbish!
02:49 September 17, 2009 by volvoman9
Leprehcaun said it all for me. Thank you Jesus, Thank you lord; and I'm an athiest. Reclaim your heritage Sweden.
12:11 September 17, 2009 by spy
Geely is good at knocking off european designs and making unsafe crappy cars. They have also proved to be pathaligical liars more than once during the last few months on the topic of Volvo. Volvo have had a lucky escape I hope.
12:46 September 17, 2009 by Re-Horakhty
Prediction; Volvo will be bankrupt in 2 years. Volvo's cost more in Sweden than in America. Thats dumb.
21:07 September 20, 2009 by voidplay
About Geely being Govt driven and govt protected so are the big 3 in US, so is Volvo, Saab, Huyndai

About them ripping off european designs, you would be surprised about thenumber of 'competitor' models you would find in the Saab engineering dept.

It is a dog eat dog world you would only find etics on paper.
19:46 September 23, 2009 by spy
Voidplay where do I start. . .

Saab and Volvo are not 'Govt driven' in fact the Swedish Govt has been very clear in stating they have no desire to own or run car companies.

Regarding copying: All manufacturers benchmark competitor vehicles but Geely copy them (see Geely's fake Rolls Royce).

Regarding dog eating: No Korean investors have been revealed - yet. :)
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