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.
