Geely agrees to buy Volvo from Ford for $1.8 billion

Ford sells Volvo for “a bag of chips” to Chinese car maker Geely. Oh my how times have changed. Back in 1999, Ford purchased Volvo cars for over $6 Billion in cash and now they dump the Swedish auto company for $1.8 Billion.

From AutoNews.com:

GOTHENBURG, Sweden (Reuters) — Zhejiang Geely Holding Group, China’s largest private-run automaker, agreed on Sunday to buy Ford Motor’s Volvo car unit for $1.8 billion, the country’s biggest overseas auto purchase.

The takeover underscores China’s arrival as a major force in the global auto industry and ends nearly two years of talks with Geely over Volvo — the last sale from Ford’s former premier group, which also held Aston Martin, Jaguar and Land Rover.

Read the full article here.

  

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