Volvo’s corporate overlords Geely will open a second plant in China, citing that Chinese production is a key factor in the Swedish company’s growth. The current Chinese plant is located in Daqing, an oil-rich region in northeast China that provided Geely with a majority of the $2.7 billion needed to buy Volvo from Ford. Now,… Continue Reading...
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Chinese automaker Zhejiang Geely Holding Group spent $1.7 billion last year to acquire Volvo from Ford Motor Co.,and now plans to spend as much as $11 billion on Volvo products and facilities over the next five years. Doug Speck, CEO of Volvo Cars of North America, says a growth strategy for the United States will… Continue Reading...
In his first press conference as the newly appointed CEO of Volvo, Stefan Jacoby gave a vague outline of where he intends to take the company. Top on Jacoby’s list are improving Volvo’s emotional appeal and looking for ways to work with suppliers and other automakers in the industry. Jacoby joins Volvo after heading-up VW’s… Continue Reading...
With ownership of Volvo now having officially changed hands from Ford to Geely, the Swedish automaker will look to develop a plan for profitability and growth. And while it’s domestic rival Saab is looking down market, Volvo will reportedly head in the opposite direction, instead planning a new flagship model that would compete directly with… Continue Reading...
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… Continue Reading...
China’s Ministry of Commerce and its National Development and Reform Commission has signed off on a deal that will let Chinese carmaker Geely to purchase Volvo from Ford for $1.8 billion. “We have received all approvals required from the central government,” Ning Shuyong a spokesman from Geely, told Reuters. “We are currently working on closing… Continue Reading...
China’s Geely is planning on moving 150,000 Volvos in China by 2015, a prediction that could very well come true in the world’s largest car market. According to reports, Geely will manufacture the Volvo XC60 and S60 in China by 2011, while discontinuing production the S40 compact sedan at its Chinese factories. Geely will establish… Continue Reading...
Ford Motor Co. has announced it has reached a final agreement to sell its Swedish Volvo brand to China’s Geely Holding Group. The sale price is set at $1.8 billion, a fraction of the $6.5 billion Ford paid to buy Volvo back in 1999. The sale of the Volvo brand completes Ford’s corporate strategy to… Continue Reading...
According to a recent report, Ford’s sale of Volvo to Chinese automaker Geely could go through as early as February 8th. Ford and Geely have already announced they are working out details of a plan with the latest rumor indicating that the sale could be for as little as $1.6 billion, with a $1.8 billion… Continue Reading...
Ford Motor Co. and Zhejiang Geely Holding Group (Geely) have reached a general agreement on the terms of a sale that would see Ford’s loss making Volvo unit sold to the Chinese automaker. An initial agreement is set to be signed in the first quarter of 2010, with the transaction complete in Q2. Ford said… Continue Reading...
Report: Sale of Volvo One Step Closer as Ford, Geely Reach Agreement on Intellectual Property Rights
Ford’s sale of its Swedish Volvo brand to Chinese automaker Geely has moved one step closer to completion with news that the two companies have reached an agreement on intellectual property rights issues. The agreement will see Geely take over control of all technology developed exclusively by Volvo, and still allow Volvo to use any… Continue Reading...
Ford’s preferred Chinese bidder to purchase the automaker’s Swedish Volvo unit has announced a plan that would see Volvo doubt its sales in the coming years. Zhejiang Geely Holding Group, which owns and operated Chinese automaker Geely, has said it believes it could boost total sales to close to one million vehicles globally, up significantly… Continue Reading...
Ford named Chinese automaker Geely Holding Co. as its preferred bidder for Volvo. “Ford believes Geely has the potential to be a responsible future owner of Volvo and to take the business forward while preserving its core values and the independence of the Swedish brand,” said Ford Chief Financial Officer Lewis Booth in a statement…. Continue Reading...
For several months Chinese automaker Geely has been touted as the front runner in the bid for Volvo, but now a U.S.-based group has emerged with a credible offer. Calling itself the Crown consortium, the group consists of several private equity firms and is fronted by two industry experts: Michael Dingman, a former Ford director;… Continue Reading...
Ford’s sale of Swedish automaker Volvo to China’s Geely Automotive may start next month. According to a report in Swedish business daily Dagens Industri, Geely is the only company to actually submit a competitive bid. In July Ford reps commented that the automaker was discussing with several potential buyers. Ford has reportedly set the a… Continue Reading...
After General Motors made it clear in its viability report submitted to the U.S. Treasury that the future of Saturn was uncertain at best, it appears as though Saturn’s network of dealers has its own plan. Dan Januska, owner of Saturn of Scottsdale, told the Wall Street Journal that the dealers have been in talks… Continue Reading...