Report: Volvo Sale to China's Geely Pegged for October
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 deadline of this year to sell-off its money-losing Volvo unit, which it put up for sale just before the economy turned sour. In order to solidify the deal by then, Ford would need to begin a preliminary sell-off by October.
With the economy turning around, however, and Ford profiting off the struggles of not just GM and Chrysler, but also foreign giants like Toyota, it may not be so eager to take just any bid to part with Volvo.
[Source: Automotive News]
With AutoGuide from its launch, Colum previously acted as Editor-in-Chief of Modified Luxury & Exotics magazine where he became a certifiable car snob driving supercars like the Koenigsegg CCX and racing down the autobahn in anything over 500 hp. He has won numerous automotive journalism awards including the Best Video Journalism Award in 2014 and 2015 from the Automotive Journalists Association of Canada (AJAC). Colum founded Geared Content Studios, VerticalScope's in-house branded content division and works to find ways to integrate brands organically into content.
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