Jump to content
Sign in to follow this  
NINETY EIGHT REGENCY

BREAKING: Ford officially sells Volvo to Geely for $1.8b

Recommended Posts

BREAKING: Ford officially sells Volvo to Geely for $1.8b

by Damon Lavrinc (RSS feed) on Aug 2nd 2010 at 7:46AM

After months of protracted negotiations, Ford has officially sold Volvo to Zhejiang Geely Holding Group Company Limited – aka Geely – for $1.8 billion.

The Chinese automaker originally included a $200 million note and the balance in cash, and today, it paid the remaining $1.3 billion to wrap up the sale, although the final sale price won't be released until later this year and could put more cash in the pockets of FoMoCo.

Under the terms of the sale, Ford will continue to supply Volvo with everything from powertrains to stamping systems and other vehicle components for differing periods of time. Additionally, Ford and Geely have come to an agreement on intellectual property usage, with Volvo allowed to grant sub-licenses to specific systems to third parties, including Geely.

Stefan Jacoby – formerly of Volkswagen – will take the helm as the new President and Chief Executive of Volvo Cars, and under the new ownership, the automaker will continue to keep it headquarters and manufacturing centers in Sweden and Belgium.

link:

http://www.autoblog.com/2010/08/02/ford-officially-sells-volvo-to-geely-for-1-8b/

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoticons maximum are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  



About us

CheersandGears.com - Founded 2001

We  Cars

Get in touch

Follow us

Recent tweets

facebook

×