The parent of China’s Geely Automobile has secured financing to buy Ford-owned Volvo cars for about 15 billion Swedish crowns ($2.10 billion), a Swedish business daily reported on Wednesday.
Dagens Industri, citing sources, said that Chinese financial institutions and regional government bodies had provided the money for Geely to complete its purchase.
The paper quoted its source [...]
Zhejiang Geely Holdings, the parent company of carmaker Geely Automobile, aims to sign an agreement to buy Ford’s Volvo unit by Feb 8 and complete the transaction in May, according to media reports yesterday.
The two sides are in final discussions over relevant legal documents, Yuan Xiaolin, Geely’s spokesman for the Volvo deal, told Shanghai Securities [...]
A joint statement by Ford and Geely said that they have reached tentative agreement on the sale of Volvo of Sweden by the US automaker to its Chinese counterpart. The amount of the transaction wasn’t disclosed, but industry sources estimated that it would be around $2 billion.
That’s a lot of money for a perennial loss [...]
Beijing’s largest used-car market is the perfect place to measure the popularity of any make or brand in China’s booming motoring market. Huaxiang car market dealers and the thousands who flock there every weekend are clued into the latest auto trends and know what’s hot and what’s not.
Tags: Beijing, Benz, China Auto, Great Wall Motor, [...]
At a time when the world auto industry was experiencing huge difficulties caused by the global downturn, Geely’s aim, as it said on the company website — “let Geely cars go to the whole world”, seemed very ambition.
Geely’s going-global strategy latest move was the high-profile bid for Volvo, the almost century-old Swedish luxury car brand.
The [...]
Ford is close to selling its Volvo unit to China’s Geely Group and expects a final deal early next year, the US auto giant said in a statement.
“Ford Motor Company confirmed today that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between Ford and Zhejiang Geely Holding [...]
