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Ford is near a deal to sell its Volvo cars to Chinese automaker Geely for $2 billion dollars. A definitive sale agreement could be signed in the first quarter of 2010.
Geely is one of China's largest privately owned automakers. The Geely takeover would leapfrog China's present small car production. Geely would be able to use Swedish technology and adapt it to their present production.
Under the agreement, Geely would take over Volvo's international manufacturing and sales network. It would also manufacture Volvos in China. China has moved into the number one position in auto production this year, overtaking the US for the first time.
In a statement Geely said: "Volvo will retain its leadership in safety and environmental technologies, and will be uniquely positioned as a world leading premium brand to exploit opportunities in the fast growing China market."
An auto analyst, Klaus Paur, was quoted: "This is a short cut for Geely to get access to world class technology and mature auto markets."
Several hurdles still must be cleared. Geely must be sure that their Chinese bankers will approve the deal. The Swedish government must also approve the deal. More about these details will become available in the next few weeks.
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Reader Comments (Page 1 of 1)
12-23-2009 @ 3:31PM
bitasno said...
well china has hummer and volvo now intresting the parralle between fiftys england passing the torch to us and us passing the torch to china . sad
12-23-2009 @ 5:33PM
thedude said...
Lesson to all manufacturers - Do NOT partner with American companies as you WILL end up getting mismanaged into the ground and then sold to China or India
I sometimes feel that I am the only person who didn't enroll in Outsourcing 101.Of course they didn't really start teaching that until Bill Clinton took office.
$260 Billion per year trade deficit equates to over 5 million jobs that pay $50,000.00 per year.When are people going to wise up and boycott Chinese manufactured goods.
Too bad that bad manufacturing practices have to happen to good companies due to ignorant US executives.
Hopefully with any luck the Swedes will prevent this from happening. Maybe they have more respect for their citizens, jobs and companies than the US government does for ours.