Geely withdraws reported offer for Volvo
Published: 16 Sep 09 07:51 CET | Print version
Online: http://www.thelocal.se/22106/20090916/
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.
- Geely confirms Volvo interest (8 Sep 09)
- Chinese firm close to Volvo Cars bid: report (6 Aug 09)
- China's Geely to buy Volvo Cars: report (18 Jun 09)
“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.
What do you think? Leave your comment below.
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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?
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.
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.
Good riddance to bad rubbish!
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.
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. :)