February 9, 2010
Geely confirms Volvo interest
Published: 8 Sep 09 14:14 CET
Online: http://www.thelocal.se/21958/20090908/
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Chinese car giant Geely confirmed on Tuesday that it is considering a bid for Ford's Swedish subsidiary Volvo Cars, Bloomberg reports.
- Former parent 'not interested' in Volvo Cars (17 Aug 09)
- Swedish consortium enters battle for Volvo (15 Aug 09)
- Chinese firm close to Volvo Cars bid: report (6 Aug 09)
Shengyue added that Ford would announce within the next month whether it would move ahead with the sale of Volvo Cars.
"This has been on the cards for so long that it doesn't come as any surprise," Christer Karlsson, auto industry expert at Copenhagen Business School, told news agency TT.
Geely is one of a number of Chinese firms mentioned as potential buyers of Volvo Cars, particularly in the wake of the Chinese government's announcement that it would be investing heavily in the country's car industry.
Rumours have long flourished about Geely's interest in Volvo Cars.
"Geely is a typical manufacturer of mass production cars and it's conceivable that Geely is interested in adding a luxury brand to its range," said Karlsson.
But Karlsson said he was unsure as to whether Ford would consider releasing its technology to a Chinese company.
"Ford has previously been very dubious about that," he said.
Volvo Group sold its car unit to Ford in 1999 but the relationship seemed destined to be short-lived after Ford announced at the end of last year that it was planning to sell the subsidiary.
Volvo Cars made a loss last year of some 13 billion kronor ($1.85 billion), followed by a loss for the fist six months of 2009 of almost 4 billion kronor.
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Geely is the real hope and pride of China's vehicle industry.
People do not need worry about the future of Volvo if it becomes the subsidiary of Geely, for Geely will make its effort to maintain or even promote Volvo's reputation.
'CEO Gui Shengyue said China's largest auto maker...'
Geely is not even one of the top 10 auto makers in China.
'Geely is owned by the Chinese state...'
Geely was found by a farmer (Shufu Li) from Zhejiang Province 10 years ago. It is a private company.
'Geely is a typical manufacturer of mass production cars...'
Geely only produce less 0.5 million cars per year, which is less than 5% market share compared to 10 million cars sold in the country in 2008.
I am very impressed by the confidence of the author and 'the expert' when they are facing something they are not familiar with. They could have got all these numbers if they have spent 1 minutes to search in the Internet before they start to blah blah....
Put your heads and money together, buy and save Volvo, your national brand and pride!
If they just want the brand and tooling, why not wait until it goes bankrupt?
"And as for quality, even though Volvo and Saab don't have the greatest reputation for reliability it is nothing to what will happen when the Chinese take over".
Or maybe, just MAYBE, the Chinese will try to learn from volvo and improve their own processes? I doubt they will come in and rip everything up.