Volvo will remain intact if Chinese carmaker is successful in its bid to purchase the Swedish brand from US auto manufacturer Ford, according to Geely's top executive, who was quoted by the state-run Chinese media on Friday.

Geely founder and chairman Li Shufu said Volvo's existing production, research and development facilities, union agreements and dealer networks would be left unchanged.

"If the deal succeeds, nothing will change for Volvo, except the boss turns to Li Shufu," Li was quoted as saying by Xinhua news agency.

"Volvo and Geely will be two independently managed brands."

Geely, one of China's largest private carmakers, and Ford announced Wednesday they had agreed on the main terms of the sale of the Swedish automaker, with a final agreement expected to be signed in early 2010.

Earlier this week, Ford's announcement was greeted by skepticism among Swedish media, who speculated that Chinese ownership would damage the Swedish auto brand.