Ford expects Volvo deal with Geely

This is good news for Ford as they will finally move on from the disastrous “Premium Automotive Group” dream of years gone by! But the bigger news in the aggressive Chinese auto firms that include Volvo suitor Geely Automotive. The Volvo move is another round of the Chinese building distribution in the North American market that should pay off big time when they hit the ground running. This whole market will change once the Chinese arrive!

From the Detroit News:

Ford Motor Co. today said it is close to finalizing a deal to sell its Swedish luxury brand, Volvo, to China’s Zhejiang Geely Holding Group Co.

In a statement released this morning, the Dearborn automaker confirmed that “all substantive commercial terms relating to the potential sale of (Volvo) have been settled,” but added that “some work still remains to be completed before signing — including final documentation, financing and government approvals.”

Geely released its own statement today — one that sought to reassure Volvo employees and the Swedish government.

Read the full article here.

  

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