Geely has officially purchased Volvo, the iconic Swedish automaker, from Ford, in a rumored $1.8 billion transaction. As part of the deal, Ford will continue to supply powertrains and other components for an unspecified amount of time, while both companies have mutually agreed to safeguard each other’s intellectual property.
Stefan Jacoby, formerly head of Volkswagen North America, will take over as CEO,while Volvo will retain their Swedish headquarters. Volvo is set to launch their new S60 sedan later this year, perhaps the last product developed under the auspices of Ford. Geely has confirmed that a new Chinese assembly plant will be constructed for Volvo as well.
[Source: Top Speed]