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Motor Authority: Report: China’s Geely picked as Volvo buyer

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Ford is having trouble offloading its failing Volvo subsidiary but the company is determined to sell and in spite of the tough economic conditions still has several potential buyers. According to latest reports, however, Ford has found a suitable buyer for Volvo in the form of Chinese automaker Geely. China’s Shenzhen News is reporting that Geely has signed a letter of intent to purchase Volvo from Ford, citing several anonymous sources within the Chinese government. The source revealed that Geely and Ford were still nailing out the details, including the transfer of technology, Volvo's marketing and market position and possibly layoffs, and that the Chinese automaker hopes to start production of Volvo cars in a new factory in the Guangdong Province of China.

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This is terrible. I still think Ford should keep Volvo just because it would give them something that the other companies don't have right now. Plus think of all the technology/safety stuff that came from Volvo. I'm afraid the Chinese will completely ruin Volvo, which was finally making very desirable cars in my opinion...

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