Chinese automaker Geely made it clear today that it is no longer bidding for General Motors’ Saab or FoMoCo’s Volvo Swedish brands. It said that the company “has not submitted, and has no plans to submit, any bids concerning the takeovers of Volvo or Saab as stated in recent press articles.”
Geely was reported to be one of the several bidders for the two Swedish brands; however, Geely executives said that the two brands would cost too much. Geely said that it has no interest in Volvo or Saab until they go bankrupt and sell cheap.
Executives said that after three trips to the two brands, Geely’s top management had talks about buying Volvo, but nothing moved forward with Saab.
– By: Omar Rana