March 20, 2010
China to back Geely purchase of Volvo
Published: 31 Dec 09 10:25 CET
Online: http://www.thelocal.se/24140/20091231/
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The Chinese government will support the sale of Swedish automaker Volvo to Geely Automobile, the company said on Thursday.
- Geely to run Volvo as an independent brand (26 Dec 09)
- Swedish media sceptical over Volvo sale to Geely (25 Dec 09)
- Cross-party support for Volvo deal (23 Dec 09)
He said Geely will look at ways to collaborate with Volvo once its parent group completes the acquisition of the loss-making Swedish brand from US auto giant Ford.
"But when the timing is right, we will find a suitable point of collaboration," he said during a press conference in Hong Kong.
Gui said the acquisition had the backing of the Chinese government and was expected to be completed in the first quarter of 2010.
Injecting the Volvo operation into Geely Automobile remains parent Geely Group's ultimate goal, Dow Jones Newswires quoted Gui as saying.
Geely Automobile would consider supporting Volvo on strategic development and financing, he also said.
Zhejiang-based Geely Group, one of China's largest private carmakers, and Ford announced last week they had agreed on the main terms of Volvo's sale.
Overseas demand would support the long-term growth of China's auto industry, Gui said.
"The automobile industry in the domestic market will continue to grow in the next two years. After that, its growth will mainly come from its overseas markets."
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Happy New Year Sweden, from across the strait ;)
My old Volvo bought under GM's ownership period came with the DVD Dumb and Dumber.
This is definitely interesting to watch what goes on with Volvo and this deal. Waiting to see where the actual production ends up.
Now if only a deal with Saab comes about...
Ford throws away Volvo like a hot potatoe; mayby they should have asked Mr. IKEA to buy Volvo at a dumping price...........
Anyway, as long as Volvos are engineered and manufactured in Sweden I'll stick to this unique brand. Once the first communist Volvo appears in Europe, I switch to another brand.